Spot Silver Drops Below $72, Plunges 5.83% During the Day

Silver Prices Continue to Decline, Breaking Key Support Level

Driven by multiple factors, spot silver prices dropped significantly during the day, breaking below the key support level of $72 per ounce with a decline of 5.83%.

Market Analysis

Analysts noted that a stronger dollar, reduced market risk aversion, and weak industrial demand were the main reasons for the drop in silver prices.

• The U.S. dollar index has been rising, putting downward pressure on precious metals.
• Investors are shifting to risk assets, reducing the appeal of precious metals.
• Industrial demand for silver remains subdued.

Outlook

In the short term, silver prices may continue to fluctuate in a weak range, requiring investors to closely monitor market dynamics and macroeconomic data.