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Silver prices fell on the European market on Monday under pressure from the recovery of American currency levels against a basket of global currencies, at the beginning of August trading, after achieving the largest monthly gain in percentage in the history of trading the white metal in july.
Silver prices fell 2.4% to the level of $ 24.00, from the opening level at $ 24.59, and recorded the highest level at $ 24.95.
Silver prices increased nearly 34% over the course of July transactions, in the fourth consecutive monthly gain, and the largest monthly gain in the history of trading silver metal in global financial markets.
These historical gains were achieved thanks to the attention of retailers that the silver metal is moving away from its true value compared to the gold metal, in addition to supporting the broad US dollar decline against a basket of global currencies.
The white metal last week hit a seven-year high of $ 26.18 an ounce, thanks to the high demand for safe investment assets and hopes for improvement in actual demand in China, the world’s largest consumer of metal and commodities.
The dollar index rose on Monday by 0.25%, to continue its rise for the second day in a row, within the rebounds from the lowest level in two years at 92.55 points, reflecting the recovery of the American currency levels against a basket of major and secondary currencies, which presses negatively on the prices of metals and commodities denominated in dollars
