Silver Prices Near Three-Month Low Under $23.00

2 May 2022 , 11:26 AM

Silver prices continue to remain pressured alongside other commodities and has dropped to the lowest levels since late February extending downtrend during Mondays Asian session. The precious metal is seen at $22.72. COMEX Copper futures also fell nearly 2% To $4.29 per pound to test fresh three-month lows amid heavy selling pressure in the US equities. Asian markets also fell in holiday-thinned trade Monday following another tech-led rout on Wall Street, with focus on the Federal Reserves expected interest rate hike this week. The US central banks Federal Open Market Committee is scheduled to begin its two-day meeting on interest rates on May 3 and announce its decision the next day. Meanwhile, China released data on Saturday showing that factory activity in the worlds second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns.

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