NEW YORK (TheStreet) -- Shares of Silver Wheaton Corp. (SLW) are lower by 5.09% to $19.41 in late afternoon trading on Monday, as mining stocks slump today due to the decline in silver and gold prices.
Silver for March delivery is down 2.50% to $15.63 per ounce, while gold for February delivery is down by 1.73% to $1,175.30 this afternoon.
Last week both metals finished the week lower with gold losing 2.2%, and silver losing 6%, MarketWatch reports. Analysts said the losses were related to the decline in oil prices and a stronger dollar.
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Since oil is the world's most traded commodity, other commodities can move in unity with it, MarketWatch added.
Gold is lower today, trading below the $1,200 mark, as volatility reaches an 11-month high. The gauge of 60-day volatility reached 18.1 on Tuesday, December 16, its highest level since January 10, Bloomberg reports.
"The overall environment is very negative for gold. The market will remain volatile as trading will be very thin for the next two weeks," a senior commodity broker at R.S. O'Brien & Associates told Bloomberg.
Oil is lower today following comments made over the weekend by Saudi energy minister Ali al-Naimi, who said the nation will maintain its oil production, and is considering an increase if it discovers a new client, MarketWatch reports.