Silver price extends last week\\\'s rally
Monday, 13 October 2014
The price of silver has risen today as worries over the global economic outlook increased demand for safe-haven assets such as precious metals. Silver for immediate delivery was up 0.74 per cent at $17.49 per Troy ounce as of 08:14 BST, and was trading 11.35 per cent below its 100-day simple moving average of $19.47. Spot silver rallied over three percent last week to end a five-week losing streak. Eamonn Sheridan, currency strategist at Forexlive.com, said that last week’s selloff in the US dollar, following more-dovish-than-expected minutes of the latest Federal Open Market Committee (FOMC) meeting, was the main reason behind the rally in precious metal prices and not a shift in market fundamentals, according to invezz.com