Meanwhile, gold is losing its safe-haven appeal as geopolitical risks dampen after a ceasefire announced by Ukraine and Russia.
Silver, along with the iShares Silver Trust (NYSEArca: SLV), continue to underperform as an adequate supply continues to meet tepid demand in the industrial space.
“European economic malaise and last week’s weaker than expected inflation and import data from China added pressure on most industrial commodities, including silver,” ETF Securities said.
Nevertheless, silver is in a good position to benefit once the global economy revs up.
“We believe that as the global economy continues to recover and China demand reacts to government stimulus, silver will be in a position to rebound strongly – particularly that net longs in the futures market are 70% below the July 2014 peak,” the analysts added.
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Max Chen contributed to this article.