Silver prices surged to five-month highs Thursday, as investors reacted to comments from U.S. President Donald Trump that the dollar was getting “too strong.”
May silver futures rose 26 cents, or 1.4%, to $18.55 a troy ounce at 6:49 a.m. ET.
Silver is on track for its highest settlement since early November. The contract has gained more than 2% for the week amid escalating geopolitical tensions between Russia and the United States over the Syrian conflict.
Gold futures also rose, with the June contract adding $10.70, or 0.8%, to $1,288.80 a troy ounce. Bullion has now gained nearly 2.5% during the week.
The U.S. dollar tumbled against a basket of currencies after President Trump warned of an overvalued greenback, echoing prior concerns about Washington’s lack of trade competitiveness.
“I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately,” Trump told The Wall Street Journal in an interview that was published on Wednesday.
The U.S. dollar index fell 0.4% to 100.40.
China’s economic picture improved in the first quarter as it reported stronger than expected trade data. Beijing’s exports rose at the fastest pace in more than two years, climbing 16.4% in the 12 months through March, government data showed Thursday.
The country’s imports rose 20.3% from a year ago, following a surge of 38.1% in February.
China’s trade surplus in U.S. dollar terms stood at $23.93 billion in March, more than double analysts’ forecast.
Global stock markets were down across the board on Thursday. U.S. equity futures also slumped in pre-market trading, pointing to a soft start to the day.
Comex Silver Futures