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Silver Slips to a 3 Week Low as Downturn Continues


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Silvercontinues to lose ground this week. Currently, silver is trading at $17.80, down $0.15 or 0.89% on the day.

Silver Slipping as Risk Appetite Returns

December was all roses for silver, which jumped 4.9% on the month. The upswing continued into the New Year, after a U.S. drone attack killed an Iranian general and Iran retaliated with a missile attack on U.S. bases in Iraq. Tensions rose to a fever pitch in the Middle East, as fears rose that the U.S. and Iran could go to war. Investors flocked to safe assets, and silver prices climbed close to the lofty $19.00 level.

The spike in silver prices was all-too-brief, as it became apparent that both Iran and the U.S. were interested in stepping back from the brink. Investor risk appetite quickly recovered and safe-haven silver has fallen all the way to $17.80.


Investors Eye CPI, Retail Sales

The U.S. economy started the year 2020 in solid shape, but inflation remains below the Federal Reserve target of 2.0 percent.Consumer inflationhas been losing ground and the downturn is expected to continue in December. CPI is forecast to slow to 0.2%, compared to 0.3% a month earlier. On Thursday, well get a look atretail sales, the primary gauge of consumer spending. Retail sales are expected to improve to 0.3%, while core retail sales are projected to rise 0.5%. Any unexpected readings could affect risk apprehension and have an impact on silver prices.


Read the full article:

https://www.fxempire.com/forecasts/article/silver-slips-to-3-week-low-as-downturn-continues-625672



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