Silver Drops 3.24% in Shanghai as Precious Metals Face Fresh Selling
The silver move coincided with a rising inventory of the same metal in SHFE vaults and a deteriorating chart structure from the side of the platinum analysts. Silver was broadly down, and platinum had fresh technical weakness in precious metals in Shanghai. Silver and gold, palladium and platinum also ended the session down, with silver finishing at $83.73, according to SilverTrade. Traders are now focused on whether the sell-off will resume or if buyers will be able to provide support at key levels after the recent big pullback. Silver Leads Shanghai Metals Selloff The major metals listed in the daily report of China SGE/SHFE made the biggest declines, with silver seeing the sharpest drop. The report revealed that silver on SHFE closed at 18,251 yuan per kilogram, a 3.24% decrease, and that the converted dollar price stood close to USD 83.73 per ounce. According to the analyst‘s X post, the weakening of silver was the highlight of the day’s metals weakness. Gold on SHFE also fell, closing at 983.56 yuan per gram, down 1.58%, or about $4,512.10 per ounce. SGE gold also moved lower, with Au(T+D) closing at 981.95 yuan, down 1.22%, or around $4,504.72. Silver on SGE settled at 18,202 yuan per kilogram, 2.49% lower









