Silver Finishes Week with Large Losses

Silver finished the week with large losses that are the biggest in five weeks, due to the diminishing demand for safe havens as reflation fears eased and risk appetite improved among investors.

The silver metal has now maintained a downward trend for three consecutive weeks.

Silver futures lost 14.70 cents or 0.58% on Friday, finishing the week down by 2.17% at $25.218 per ounce.

Over the last three weeks, silver futures lost $1.263 or 4.77%.

Weekly losses were limited by two consecutive rises on Wednesday and Thursday, however, with the stock market rising on the back of positive earnings report, silver futures came under selling pressures.

Silver is down by 3.62% compared with its level at the end of June, and by 4.23% when compared with its level by the end of last year.