Silver Hovers Around Four-month Lows, Pressurised by A Strong Greenback

Silver reversed lower on Monday, remaining near four-month lows as the greenback gained ground versus most of its peers and thus put pressure on commodity and precious metals which are quoted by dollar.

Silver futures price for July delivery edged nearly 0.1 percent lower after having lost 5.7 percent last week – their worst weekly decline since the week ended October 7th, 2017. The metal was weighed down by a strong dollar that makes assets traded in the greenback less affordable for buyers using other currencies.

Cleveland Fed President Loretta Mester on Monday said that the central bank should continue raising interest rates as its employment goal had been met and inflation goal had been so close. Speaking at the Chicago Council on Global Affairs, Mester, a hawkish Fed policymaker, claimed that while risks are “roughly balanced”, the Federal Reserve should not delay further policy tightening.

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