On Wednesday, July 29, 2020, there is a one-kilogram silver bar at Gold Investments Ltd.’s bullion dealerships. in London, UK.
Chris Ratcliffe | Bloomberg | Getty Images
Silver prices fell more than 2% on Tuesday as investors posted gains after a rebound of up to 11.2%, up from a eight-year high in the previous session.
Fundamentals
Spot silver fell 1.7% to $ 28.48 an ounce at 0039 GMT, after hitting $ 30.03 on Monday, the highest since February 2013.
Silver prices skyrocketed as retail investors, sparked by Reddit messages, rallied in the market in an attempt to raise prices.
The U.S. Commodity Futures Trading Commission (CFTC) is “closely monitoring” recent activity in the silver markets, the acting president of the agency said Monday, as last week’s volatility in the Stock markets overflowed in the precious metal trading.
CME Group Inc. on Monday increased its Comex 5000 Silver Futures margin by 17.9% to $ 16,500 per contract from $ 14,000 in February.
The frenzy of retail investment in silver has left U.S. dealers in Singapore looking for bars and coins to meet demand.
Spot gold fell 0.2% to $ 1,856.86 an ounce. U.S. gold futures fell 0.3% to $ 1,858.60.
The top Democrats in the U.S. Senate and House of Representatives on Monday introduced a joint $ 1.9 trillion budget measure, in a move to avoid Republicans in connection with COVID-19 before President Joe Biden meet with Republican senators.
India on Monday cut import duties on gold and silver in a surprise move that according to industry officials could increase retail demand and reduce smuggling.
China’s gold consumption fell nearly a fifth in 2020, the China Gold Association said Monday.
Platinum fell 1.4% to $ 1,111.80 and palladium fell 0.3% to $ 2,239.03.