Silver prices set to edge downward in value
Silver prices were losing value on Wednesday, one day after achieving nearly 6 percent gains on the first trading day of 2012, according to The Associated Press.
One day after nearing the psychological price of $30 per troy ounce, the whitish metal was edging downward in value. The Tuesday performance of the volatile metal, a 5.9 percent increase to $29.445 per troy ounce, projected a bright outlook as the gains occurred on the kick-off to a new year.
Commodities gained on Tuesday amid uplifting economic data released in the U.S. December saw manufacturing increase at the most rapid pace in six month, according to the Institute for Supply Management. The U.S. government noted spending on construction increased 1.2 percent during the month of November.
At 5:35 a.m. on Wednesday, silver prices dropped 0.63 percent, an 18.7 cent slip to $29.385 per troy ounce.
Reuters reports the strong start to commodities' performance on Tuesday brightened the outlook as the new trading year began. But lingering concerns, most prominently the sovereign debt crisis in the euro zone, remain unsolved and likely to continue causing damage.
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