Brightening Prospects For Clinton Presidency Hit Silver Prices
Nov, 07th 10:55
Silver price slid more than 1.7% on Monday, as haven assets took a hit after the Federal Bureau of Investigation said no new evidence was found to warrant charges against Democrat candidate Hillary Clinton in the investigation of her emails.
The grey metal fell to an intra-day low at $18.087 an ounce after soaring more than 3.6% last week. Silver logged a third-straight weekly gain, fueled mostly by signs Republican presidential nominee Donald Trump was gaining ground versus his rival Clinton at the polls ahead of Tuesday’s election. A Trump victory is expected to trigger volatility, which prompted traders to flock into safe-haven assets.
On the contrary, a victory for Clinton is generally viewed as more favorable for stock markets, especially the U.S. conditions in terms of trade. Therefore, the greenback soared strongly following the news. Potentials of the Fed rising real interest rates also weighed on silver as a strengthening greenback makes dollar-denominated assets more expensive for investors holding other currencies.
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