Silver futures fall to lowest since August on Fed tapering fears
Investing.com
Published Nov 21, 2013 04:36AM ET
On the Comex division of the New York Mercantile Exchange, silver futures for December delivery traded at USD19.96 a troy ounce during European morning trade, down 0.45%.
Comex silver prices fell to a session low of USD19.78 a troy ounce earlier, the weakest level since August 8.
The December contract settled down 1.36% on Wednesday to end at USD20.05 a troy ounce.
Futures were likely to find support at USD19.49 a troy ounce, the low from August 8 and resistance at USD20.48, the high from November 20.
According to the minutes of the Fed’s October meeting, policymakers said they could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
Investors are now looking ahead to key U.S. economic data due later in the session to further gauge the strength of the economy and the need for further stimulus.
The U.S. was release data on producer price inflation, as well as the weekly report on initial jobless claims and data manufacturing activity from the Philly Fed.
Silver prices are down approximately 33% this year on concerns the Fed would begin cutting back its easy-money policy by trimming its USD85-billion monthly bond purchasing program.
Elsewhere on the Comex, gold for December delivery fell 0.8% to trade at USD1,248.30 a troy ounce, while copper for December inched up 0.3% to trade at USD3.169 a pound.
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Written By: Investing.com
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