Silver prices rose slightly on Friday and were on track for their first weekly gain in three, as a weaker U.S. dollar drove investors to precious metals.
Silver for May delivery edged up 7 cents, or 0.4%, to $17.41 a troy ounce at 6:47 a.m. ET, where it was trading near session highs. The contract recovered from an earlier drop of 0.6%.
The grey metal is on track for a weekly gain of around 2%, partially offsetting sharp declines earlier this month.
Gold futures also traded slightly higher, and were on track for a weekly gain of more than 2%. The May futures contract advanced $3.10, or 0.3%, to $1,230.30 a troy ounce through early morning trade.
The U.S. dollar rose slightly on Friday after falling to one-month lows in the wake of the Federal Reserve’s decision to raise interest rates. The dollar index has declined more than 1% since the Fed’s decision on Wednesday. It posted a modest gain of 0.1% Friday morning to trade at 100.41.
A weaker dollar typically strengthens the investment appeal of precious metals, which are priced in the U.S. currency.
European stock markets traded higher on Friday, building off the results of the Dutch election that saw far-right populist leader Geert Wilders defeated by Prime Minister Mark Rutte. All of Europe’s major bourses were trading higher, with the United Kingdom’s FTSE 100 Index climbing 0.2%. Germany’s DAX was up 0.1% and the CAC 40 in France added 0.4%.
The pan-Euroepan Stoxx 600 edged up slightly after closing at its highest level since 2015.
U.S. equity futures were trading mixed-to-higher in the pre-market hours, pointing to a soft start to New York trading.
Comex Silver Futures (May 2017)