Silver prices edged lower Tuesday after opening the week in positive territory, as investors awaited new trading catalysts in the form of US jobs data and other macro events.
March silver futures were down 7 cents, or 0.4%, at $16.61 a troy ounce at 7:46 am ET. Prices were down as much as 1.1% earlier in the session.
The grey metal attempted at a recovery Monday, posting gains of 0.8%. That followed a mostly downbeat three weeks that saw silver prices plunge 10%.
Gold for February settlement was down $4.50, or 0.4%, at $1,189.30 a troy ounce Tuesday morning. Bullion briefly touched $1,200 a troy ounce Monday for the first time in nearly a week.
The US dollar was little changed against a basket of other major currencies, as investors turned their attention to a deluge of economic data throughout the week, culminating in Friday’s nonfarm payrolls report. The US economy is forecast to have added 170,000 jobs in November, which should be enough to give the Federal Reserve the green light to raise interest rates in December.
In other commodities, oil prices were down sharply Tuesday as investors remained unconvinced that a meeting of the Organization of the Petroleum Exporting Countries (OPEC) would result in a deal to cut production. January West Texas Intermediate (WTI) futures were down 1.7% at $46.26 a barrel. Brent futures for the same month fell 1.6% to $47.48 a barrel.
OPEC is scheduled to hold official production talks Wednesday in Vienna.