Silver yesterday settled up by 0.05% at 61223 on hopes of recovery in industrial demand. Prices also rallied amid safe-haven demand as investors fretted over rising coronavirus cases around the world, disappointing jobless claims data and worsening U.S.-China tensions.
Sino-U.S. ties have deteriorated further after China ordered the U.S. consulate in the southwestern city of Chengdu to close in response to the closure of the Chinese consulate in Houston earlier.
Meanwhile, in a sign of worsening bilateral relations, U.S. secretary of state Mike Pompeo declared U.S. engagement with China a dismal failure and has called on “free nations” to triumph over the threat of what he said was a “new tyranny” from China.
CME Group Inc raised margins on its COMEX 5000 Silver Futures by 12.5%.The exchange operator increased the maintenance margins for July to $9,000 per contract from $8,000.
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Euro zone business activity bounced back to growth in July as more parts of the economy that were locked down to curtail the spread of the coronavirus reopened and consumers emerged from their homes to return to work and spend money, a survey showed.
The number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months, suggesting the labor market was stalling amid a resurgence in new COVID-19 cases and depressed demand.
