Silver Nitrate Prices Dropped, The Market Purchasing on Rigid Demand

SHANGHAI, May 11 (SMM) - SMM1# silver prices stood at 4,686 yuan/kg, down 70 yuan/kg from yesterday. Prices of silver nitrate stood at 3,040-3,055 yuan/kg, down 63.5 yuan/kg from yesterday. Last night, as the market expected the Fed to take a more aggressive rate hike policy, the US dollar index surged higher. The stable US dollar index and US treasury yields made gold and silver less attractive and traders favoured putting money into the US dollar, with silver prices trending lower. Today's SMM1# silver prices fell by 70 yuan/kg from yesterday, with an average price of 4,686 yuan/kg. Influenced by downward movement of raw material prices, silver nitrate fell by 63.5 yuan/kg with prices at 3,040-3,055 yuan/kg today. Under the influence of the continued downward price trend, the inquiries and transactions were mostly on rigid demand. Some manufacturers with high prices made thin transactions.