Silver Prices on Track for Weekly Gains

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)

slv

Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.