Silver prices headed lower on Friday, paring gains for the week, as stability returned to the U.S. dollar.
May silver futures declined 6 cents, or 0.3%, to $18.15 a troy ounce at 7:42 a.m. ET. The futures price fluctuated within a narrow range of $18.06 and $18.17 overnight.
The grey metal is on track for a weekly gain of more than 2%. Prices popped following the Federal Reserve’s decision to raise interest rates on March 15, a sign that a rate hike was already baked into the markets.
June gold futures headed for weekly declines after the yellow metal ran into significant resistance north of $1,250.00. Bullion was down $3.40, or 0.3%, at $1,244.60 a troy ounce through the early part of Friday.
The U.S. dollar traded steady against a basket of other major currencies. The dollar index was little changed at 100.44 early Friday. It was up 0.2% earlier in the day. The greenback has gained 1.3% since the start of the week.
In economic data, U.K. GDP growth was unrevised at 0.7% in the fourth quarter, final data from the Office for National Statistics showed. That translated into an annualized rate of 1.9%, down slightly from a previously reported 2%.
Meanwhile, a preliminary reading of Eurozone inflation weakened in March, with the consumer price index (CPI) growing at an annualized 1.5%. That’s down sharply from February’s 2% rate. Core inflation also weakened to 0.7% from 0.9% in February.
Comex Silver Futures (May 2017)