Silver fell 3.14% on Thursday, bringing its price to $56.73 as selling pressure continued to weigh on the precious metal. The move extended a broader stretch of weakness for the commodity.
Over the past seven days, silver has lost 3.41%, while the 30-day decline stands at a more pronounced 10.01%. The deepening losses across multiple timeframes suggest consistent downward momentum in the metal's price action.
Silver, which trades under the ticker XAG, does not carry a reported market capitalization figure, as is typical for spot commodity markets. Its price is influenced by a range of factors including industrial demand, currency movements, and broader precious metals sentiment.
The metal's slide over the past month represents a notable pullback, with the 30-day loss of 10.01% marking a significant erosion of value from levels seen in mid-September. Thursday's session continued that trend with one of the sharper single-day declines in the recent period.
