Silver declines as European concerns impact precious metals buyers

The price of silver moved lower on August 10, as looming concerns about the financial state of euro zone continued to weigh on the sentiment of precious metals buyers.

Reuters reports that silver was trading 1.1 percent lower at $27.78 an ounce by 14:07 GMT. September silver was down 1 cent per ounce at $28.07 per ounce on the Comex division of the New York Mercantile Exchange, according to TheStreet.

At that time, the U.S. dollar index, which compares the greenback to six different currencies, was trading 0.34 percent higher at $82.63, the media outlet reports. The 17-nation euro was valued at $1.229 after trading at $1.236 on the previous day.

The physical metals held by both the largest silver-backed exchange traded fund New York's iShares Silver Trust SLV and the largest gold-backed ETF, which is New York's SPDR Gold Trust GLD, were unchanged between Wednesday and Thursday, Reuters reports.

Jon Nadler, senior analyst at Kitco Metals, stated that market participants are "still preoccupied with Europe because they see the [Mario] Draghi's bluff becoming a bluff, and so the euro is struggling to keep above $1.24," TheStreet reports. 

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