Silver Losses Exceed 6% With Concerns About Weak Demand

The price of silver futures fell by more than 6% during Friday's trading, to record the lowest level in almost 3 months, with concerns about weak demand.

The decline in the price of the grayish metal coincided with the uncertainty about the outbreak of the coronavirus and its impact on the global economy.

In industry, silver is a major component in the manufacture of solar panels.

China has the world's largest Photovoltaic (PV) market, but the spread of corona has shut down many plants.

The outbreak also began in South Korea, which is another industrial center for silver.

Meantime, silver has achieved since the beginning of this year, losses of about 6%.

By the end of todays trading, the price of silver futures for May delivery fell 6.3% to $ 16.62 an ounce.

Silver losses coincide with a sharp drop in gold prices, as it lost about $ 60 of its value in today's trading with the dismay of the corona.