Silver prices rose on Monday, while the US dollar edged up against most major currencies, amid pressure on stocks.
The average daily Covid-19 infection rate has increased in many countries around the world, led by the US, which is now hit by a new wave of infections.
Chinese data showed today that industrial production rose by 6.4% in July, worse than forecasts of 7.9%, and retail sales rose 8.5%, also worse than forecasts of 10.9%, while the unemployment rate rose to 5.1% from 5%.
The dollar index rose against a basket of major currencies by 0.1% to 92.6 points as of 20:22 GMT, after hitting a high of 92.6 points and a low of 92.4 points.
Silver spot futures rose 0.3% to $23.8 an ounce as of 20:22 GMT.
Silver slumps 1.5% on concerns over Chinese economy
Silver prices dropped 1.5% on Monday, and pulled back from a one-week high, as the US dollar rebounded against a majority of rivals, amid growing concerns over the Chinese economy..
Silver prices fell 1.5% to $23.41 an ounce, after opening at $23.73, and hit a high at $23.77.
Silver closed higher by 2.5% on Friday, and hit at a 1-week high at $23.83 an ounce, after the release of weak US data and the US dollar’s drop.
The dollar index rose more than 0.1% today, which weighs down on demand for dollar-denominated metals prices.
Investors will gather new data this week on US economic performance, which will help determine the future of monetary policy in the US, especially the Federal Reserve’s meeting minutes on Wednesday.
Data showed today slowdowns in the Chinese factory production growth and retail sales during July, due to the new Covid-19 outbreak in addition to the floods that disrupted business activity.