The iShares Silver Trust (SLV) experienced a sharp intraday decline of 5.82%, mirroring a broader downturn in silver prices. The drop was driven by a combination of profit-taking by investors and a strengthening U.S. dollar ahead of key jobs data releases.
Spot silver fell 2.4% to $79.33 per ounce, pressuring silver-related assets like SLV. The dollar's rise typically dampens demand for precious metals, as it makes them more expensive for holders of other currencies. This sentiment also impacted other silver ETFs and mining stocks, reflecting heightened caution in the commodities market.
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