Silver Nitrate Dropped to the Lowest Price Since April, Downstream Purchasing Actively

SHANGHAI, May 6 (SMM) - SMM1# silver prices stood at 4,791 yuan/kg, down 130 yuan/kg from yesterday. Prices of silver nitrate stood at 3,105-3,140 yuan/kg, down 97.5 yuan/kg from yesterday. The US 10-year treasury bond rose above 3% today, while the US dollar index moved from 103.53 to 103.82. Due to the sharp rise in US dollar index and Treasury yields, the prices of precious metals were under pressure. Silver prices gave up the gains and fell. Prices of SMM1# silver price stood at 4,791 yuan/kg, down 130 yuan/kg or 2.6% from yesterday. Influenced by the downward movement of raw material prices, silver nitrate prices fell by 97.5 yuan/kg with prices at 3,105-3,140 yuan/kg today. As the prices of silver nitrate fell sharply to the lowest since April, the price advantage has prompted silver nitrate downstream manufacturers to make inquiries today and the transaction volume increased compared to yesterday. The unemployment rate and non-farm payrolls data in the United States will be released at 20:30 tonight. If the number is higher than expected, it is favourable to the US dollar, and prices of gold and silver will drop. However, Fed policymakers have made it clear that they will focus on curbing inflation and are not worried about the labour market, so the silver spot prices are expected to move downwards after a small rebound.