Silver futures fell, heading for the biggest weekly plunge since at least 1975, on mounting sales by investors following increases in Comex margin requirements. Gold rebounded, halting a three-day slide.
This week, silver has tumbled 26% after CME Group Ltd., the Comex owner, boosted the cash amount needed for a speculative position by 84% in two weeks. Yesterday, holdings of the metal in exchange-traded products slid the most in three years.
Silver futures for July delivery fell 50 cents, or 1.4%, to $35.74 U.S. an ounce mid morning Friday on the Comex in New York. On April 25, the price reached $49.845 U.S., a 31-year high.
Gold futures for June delivery rose $8.80, or 0.6%, to $1,490.20 U.S. an ounce. Yesterday, the price touched $1,462.50 U.S., the lowest since April 14. The metal headed for the biggest weekly loss since February 2009.
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