Silver fell to its lowest level in more than two years

Silver fell to its lowest level in more than two years
Silver fell to its lowest level in more than two years

The price of gold on the first day of September continued to decline, as it has in recent days, facilitated by the rise in US government bond yields. At the same time, and for the same reason, the value of silver fell to its lowest level in over two years.

According to data from today’s trade, as of 9:30 a.m. Bulgarian time, the price of December gold futures on the New York Comex exchange fell by $10.3, or by 0.62%, to $1,715.7 per troy ounce.

On the spot market, the precious metal traded at $1,703.96 per troy ounce, Trading Economics reports.

December silver futures meanwhile fell 1.81% to $17.558 an ounce. Earlier in the session, the price of the silver metal fell to $17,492, the lowest level in more than two years. Silver is expected to end August down nearly 12%.

The yield on 10-year US Treasuries rose to 3.198% from the previous close at 3.132%. Government bonds are an alternative to gold assets as profitable “safe” investments.

At the same time, the dollar continued to appreciate against major global currencies in anticipation of further tightening of monetary policy in the US, and against the yen the dollar hit its highest level since 1998 at almost 140 yen. A stronger dollar makes gold less available to buy the precious metal in another currency.

The article is in bulgaria

Tags: Silver fell lowest level years

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