The loss in price was prompted by speculators' profit booking and a price drop in New York on Tuesday, according to The Hindu. Euro zone finance leaders are readying to meet in Brussels on Thursday, continuing efforts to work out conditions for Greece to receive a second bailout tranche, Reuters reports.
"The preliminary (talks) on the U.S. debt ceiling looks promising and clearly that has taken some risk off the table in terms of appetite for gold," analyst Robin Bhar of Credit Agricole told Reuters on Wednesday. "Tomorrow is the big day, with hopefully some resolution from the three or four options that have been tabled, so maybe there will be some better news out of the euro zone."
At 7:34 a.m. on Wednesday, silver futures lost 3.60 percent, a $1.446 loss to $38.775 per troy ounce.
Having reached the $40 per ounce benchmark earlier this week, silver futures appeared to driving even higher. But in line with the whitish metal's quirky history, that was not the case.
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