Silver tracks gold lower amid strong U.S. economic data
Silver prices followed gold lower on February 16 as precious metals buyers pushed the commodities lower amid the release of several strong economic reports in the United States.
Spot silver was trading 1.58 percent lower at $32.97 per ounce, according to InvestorPlace. The contract sank to $32.56. March silver futures trading on the Comex division of the New York Mercantile Exchange were down 1.7 percent at $32.80 per ounce, Bloomberg reports.
Data provided by the U.S. Labor Department indicates that for the week ending February 11, applications for jobless benefits dropped by 13,000 to reach 348,000. Additional data provided by the Commerce Department revealed that housing starts totaled 699,000 in January, which was 9.9 higher than the same month in 2011.
The 17-nation euro dropped against the U.S. dollar for the fifth consecutive session. The rising value of the greenback had an adverse affect on the price of gold and silver.
"The dollar’s strength is acting against gold," Adam Klopfenstein, a market strategist at Archer Financial Services Inc. in Chicago, told the media outlet in a telephone interview.
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