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Silver drops to $79 as oil rises, despite weaker dollar and yields; weekly losses deepen amid risk-on mood
Silver fell nearly 2% on Tuesday to $79.13 per troy ounce after a daily high of $82.56, despite a softer US dollar and lower US Treasury yields. It is down 1.81% on the week. Higher crude oil prices and ongoing Middle East tensions raised inflation concerns, which weighed on metals. Israel reported killing Iran’s security chief as hostilities moved into a third week. US data showed the ADP Employment Change 4-week average eased from 14.75K to 9K, while Pending Home Sales for February rose 1.8% month on month after a 1% fall in January, beating expectations of -0.5%. The Dollar Index fell 0.15% to 99.68 and the US ... (full story)