Silver price erases Tuesday\\\'s gains

The price of silver for immediate delivery has fallen 0.25 per cent as of 08.55 BST to $17.73, erasing the gains from yesterday’s modest rally. During the last session the price rose 0.28 per cent after geopolitical uncertainty flared up following the news that the US and its Arab allies conducted air strikes against Islamic State militants in Syria. On Monday spot silver reached a trough of $17.34 in intraday trading, the lowest since July 2010. Silver for immediate delivery is trading 11.73 per cent below its 200-day simple moving average of $19.94. The price of December futures has fallen as well, shedding two cents. The contract has fallen 0.1 per cent to $17.76 as of 08:31 BST on the COMEX in New York. The futures gained 0.4 per cent during the last session, according to invezz.com