Silver ends lower for second straight day
Silver prices fell on Wednesday, for the second straight day, despite the US dollar's fall against most major currencies, as the metal was weighed down by news about Covid-19 vaccines.
The American company Pfizer and the German firm BioNTech announced on Wednesday that the recent data from the final phase of the clinical trials on their Covid-19 vaccine showed it was 95% effective.
This came after Moderna announced on Monday that its coronavirus vaccine was more than 94.5% effective in preventing the disease.
The dollar index fell against a basket of major currencies by 0.1% to 92.3 points as of 21:45 GMT, after hitting a high of 92.5 points and a low of 92.2 points.
Silver December futures fell 0.8% or 20 cents, and closed at $24.448 an ounce, after losing 0.6% yesterday, with today's high at $24.780, and the low at $24.235.
The British Pound fell against the US dollar on Tuesday, despite progress in the Brexit talks between the United Kingdom and the European Union. Risk assets saw a huge sell-off move today, after US President Donald Trump's remarks to stop negotiation with the Democratic leaders in the US Congress about the second Covid-19 relief package. Earlier data showed that the UK's construction PMI rose to 56.8 points in August, beating forecasts of 54 points. The British Prime Minister Boris Johnson stressed the need to intensify the talks talks with the European Union to reach convergence and achieve an agreement that prevents no-deal Brexit. As of 21:00 GMT, GBP/USD fell 0.6% to 1.2909, after hitting a high of 1.3008, and a low of 1.2891.
The US dollar slipped against most of its rivals on Thursday, following upbeat economic data, and ahead of the US monthly jobs report. Data showed today the US unemployment claims fell around 36,000 to 837,000 during the past week, while personal income index fell 2.7%, while the US manufacturing PMI fell to 54.6 points in September from the 21-month high of 56 points of August. The market is anticipating the monthly jobs report tomorrow, amid expectations that the creation of 900,000 jobs in September vs. 1.371 million jobs in August, and for the unemployment rate to drop to 8.2% from 8.4%. The dollar index fell against a basket of currencies by 0.1% to 93.7 points as of 20:00 GMT, after it hit a high of 93.9 and a low of 93.5.
The US dollar rose against its rivals on Wednesday, on strong safe-haven demand due to fears over the coronavirus crisis. Data showed today that the US goods trade balance logged a deficit of about $79.4 billion, worse than forecasts of a deficit by $84.8 billion. Coronavirus infections jumped to more than 44 million cases globally, with the death toll near 1,072,000 victims, and the number of cases rose to more than 9 million in the US alone, with more than 232,000 victims. US President Donald Trump attributed the record spike to an increase in tests and cited the high rate of recovery. The dollar index rose against a basket of currencies by 0.5% to 93.4 points as of 19:19 GMT, after it hit a high of 93.6 and a low of 93.05.