Silver Prices fall on strengthening Dollar against Euro

July 5, 2013

Gold prices fell after European Central Bank chief Mario Draghi signalled that it could cut interest rates further, coupled with a weaker dollar against the dollar. The yellow metal is trading cautious ahead of US jobs data. The Physical demand for gold was lukewarm despite the recent fall in prices and premiums remained steady in main markets as refineries prepared to shut for house-keeping during the summer.

Silver Prices fell due to a strengthening Dollar against Euro following guidance from the ECB and the BoE that any interest rate rises were a long way off, keeping the both central banks kept rates unchanged. The White metal is trading catious ahead of Friday's US nonfarm payrolls data. The political crisis raised doubts over the future of the country's coalition government and its ability to honor bailout commitments.

Base metals prices fell as volumes sank during the USA's Independence Day holiday along with a stronger dollar against Euro after the both the central banks kept rates unchanged. The easing concerns over supply tightness after Egypt's army ousted its president and a slew of weak economic data from China further pressurised the base metal prices.

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