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Silver drops nearly four percent as risk appetite returns to markets

News Date: 15/2/2016 10:31:06
 
Safe havens around the globe, whether precious metals or traditionally safe currencies like the yen and the Swiss franc recorded deep losses today as investors dump them in favor of higher-yield assets that are surging back today, with sentiment improving around the world, especially after Japan's Nikkei closed the day with a more than seven percent profit.

Silver futures tumbled a heavy 56 cents, or 3.77% to trade at $15.20 an ounce, while gold futures, gave up a similar 2.90%, or 35 dollars to hover around $1,203 an ounce. Copper, an important industrial metal, rode the wave of recovery around the world, advancing 1.57% to $2.060 a pound.

The dollar continued its sharp rebound, with its index jumping nearly one percent today to 96.89. The greenback trounced the yen by 1.10% to 114.46, while gaining 1.14% versus Swiss frank to 0.9885. Sterling gave up half a percent against the dollar to trade at  1.4434.

European shares recorded wide gains, with the pan-European index FTSEurofirst 300 surging 3,11% to 1,270, while Germany's DAX soared 257 points, or also nearly three percent to trade at 9,228. Britain's FTSE climbed 127 points, or 2.24% to 5,835, underperforming the wider European market.

Oil prices expanded on their gains made last Friday, with Brent crude futures notching up a 41-cents profit, or 1.18% to trade around $33.75 a barrel, while the U.S. West Texas Intermediary (WTI) crude futures crept up 33 cents, or 1.12% to $29.77 a barrel, inching closer to end the day above the $30 level again.

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