The price of silver opened the week around $17.45 per ounce, remaining relatively weak against a strong dollar. Resistance seems to be holding silver as the precious metal trades sideways.
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On Tuesday it was announced that Deutsche Bank agreed to pay $38 million in a settlement over illegal silver price fix, an outcome that had been expected since April. Silver prices rose to $17.65 per ounce.
The rally for gold prices on Wednesday buoyed silver higher as the dollar weakened and oil prices steadied higher. By Thursday, silver lost its gains in a choppy trading day that featured statements from the European Central Bank, which concluded no further economic stimuli would be introduced at the time. Gold and silver prices lifted on the news, but volatility continued.
Silver prices closed out around $17.50 per ounce this week, still maintaining a narrow range ahead of the U.S. presidential election and the Federal Reserve’s expected rate hikes in December.