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XAGUSD Silver Price
Silver price wobbled today as investors continued to focus on the state of the global economy. Its price dropped by about 25 basis points while that of gold rose by more than 50 basis points. The divergence between gold and silver is partly because the latter is also an industrial metal. Most of the silver that is mined is usually used in the manufacturing industries. This is not the case with gold, which is mostly an investment asset. Industrial production in the United States dropped to the lowest level in decades. This means that demand for raw materials like silver declined also.
Crude Oil prices
Crude oil price declined yesterday after a report showed that US inventories rose by more than 10 million barrels in the previous week. This was higher than the previous week’s increase of more than 4 million. In total, crude oil prices declined by more than 50% in March and by more than 60% in the quarter. This makes it the worst month and quarter respectively.