Silver Spot Price Surges On Nonfarm Payroll News

on Sep 6, 2013
Listen Friday, September 6th: Silver had climbed 2.26 percent as of 14.17 BST following release of the U.S. Labour Department nonfarm payrolls data for August, at 169,000 well down on expectations and an indication that economic growth is slowing during the current quarter. The lacklustre August job growth number is now being seen as grounds for a delay in the Fed’s plans for tapering its quantitative easing programme.

Silver for December delivery also rallied and was 2.56 percent higher at $23.85 an ounce as of 14.53

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The market now awaits developments on Monday, when U.S. lawmakers are scheduled to reconvene and to consider the Administration’s proposal for a restricted military operation in Syria, since yesterday backed by the Senate Foreign Relations Committee.

Silver was yesterday weak on the charts and closed at $23.19 after a strong performance on Wednesday.
The safe haven asset has now rebounded 29 percent from its 34-month low on June 28, with the gains over the last several sessions attributable to the metal’s vast industrial usage being buoyed by a recovering global economy.
Silver exchange-traded funds saw inflows in excess of $100 million in August. “Silver is a retail investor metal rather than gold,” David Wilson, a metals analyst at Citigroup, told the Financial Times.

!m[U.S. Economic Growth Slows Down during Q3](/uploads/story/5329/thumbs/pic1_inline.jpg)
The silver price has also been backed by India’s increased tariffs on gold imports, a measure which feeds Indian investors’ traditional affinity for silver. Silver imports to India year-to-date have more than doubled from 2012, according to Mumbai-based Thomson Reuters GFMS analyst Sudheesh Nambiath, as quoted by the Financial Times.

China’s appetite for the metal has also increased, with a 36 percent rise in trading volumes on silver futures in Shanghai during the first quarter this year.
**Silver was being spot traded 2.71 percent higher at $23.82 an ounce on the Comex division of the NYMEX as of 15.06 BST.**
**Platinum spot traded 1.1 percent higher at $1,499.55 an ounce as of 15.06 BST.**

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Silver Spot Price Falls Silver Spot Price Falls as Investors Book Profits



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