Silver price rises

The price of silver has risen today, extending this week’s rally, following a decline in equity markets after the International Monetary Fund (IMF) lowered global growth forecasts. Silver for immediate delivery rose over one per cent to $17.33 per Troy ounce, as of 08:59 BST, and was trading eight per cent below its 50-day simple moving average of $18.83. Spot silver has rallied over four per cent this week after it touched $16.65 on Monday, the weakest since March 2010. Demand for precious metals as an alternative to equities rose after the IMF yesterday downgraded its global economic growth forecast for the third time this year. The Washington-based lender trimmed its global growth expectations to 3.3 per cent for this year from its July forecast of four per cent. The fund also said there was a 1-in-3 chance that the euro zone would fall back into recession, according to invezz.com