Crude Oil Insights Crude Price Outlook, Uncategorized Silver price update: Silver on the rise

Silver price update: Silver on the rise

Silver was seen to be having a bullish trend in today’s trading in the Asian market. Silver for December delivery was trading $0.411 or 1.67% higher at $24.975 per troy ounce at 0632 GMT in the Globex e-trading session. Weak USD has been responsible for this recent increase in the price of precious metals. At 0644 GMT, USD-EUR exchange rate was $1.3986/Euro. Greenback is expected to continue its recent fluctuations until we have a clear picture about the size of QE2 after the FOMC meeting tomorrow. Silver ended higher 6.2% from previous week while it also registered a 13% gain for the month of October. Dollar index has fallen as much as 0.5 percent to 76.860. USD’s weakening is helping AUD appreciate as well. At 0645 GMT, AUD-USD exchange rate was $0.9892/AU$, $0.0056 or 0.5747% higher.

 

Author: Irfan