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Silver Prices Recover Slight Portion of Prior Week Losses



October 3, 2009 by · Leave a Comment 

Weekly Silver UpdateSilver enjoyed weekly gains, albeit slight, following last week’s trouncing when the metal lost more than 5%, breaking a four-week winning streak and falling from 2009 highs.

New York silver futures for December delivery closed Friday at $16.23 an ounce, rising 17 cents, or 1.1% for the week.

London silver, which is set earlier on North American business mornings, rose a penny, or 0.1% to $16.21 an ounce.

"Metals investors are focusing on the trends in the dollar, which is being used as a gauge for risk appetite, but the dollar’s upside is fairly limited, and that will in turn keep the metals markets supported," Tom Pawlicki, precious metals and energy analyst at MF Global, was quoted on Reuters.

For the year, London silver is up $5.42, or 50.2%, from the $10.79 closing price on Dec. 31, 2008. It reached a 2009 high of $17.38 on Sept. 17.

London precious metal weekly prices follow:

 

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Read the rest of Silver Prices Recover Slight Portion of Prior Week Losses (449 words)


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