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12/1/2020, 12:57 PM (Source: TeleTrader)
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Silver jumps 3% as virus, recovery fears persist

The price of silver surrendered more than 3% on Tuesday as investors' concerns over the coronavirus pandemic and the economic recovery from the virus-caused crisis remained high. Despite positive news on vaccine development, "the outlook for the economy is extraordinarily uncertain" amid the resurgence in coronavirus cases across the United States, Fed Chair Jerome Powell stressed.

Meanwhile, economic data signaled the recovery may be slower than expected as manufacturing sector in both the euro area and Germany decelerated in November due to the tightening of lockdown measures in Europe.

Silver soared 3.61% at 7:01 am ET, trading for $23.45 per ounce to recover some losses recorded in the day prior.

Breaking the News / GA