Silver prices rose 2% this week, as demand for precious metals surged in the wake of geopolitical risks.
May silver futures closed at $18.51 a troy ounce Thursday, its highest settlement on the Comex division of the New York Mercantile Exchange since November.
Gold also posted dramatic gains over the past five days. The June futures contract closed at $1,288.50 a troy ounce on Thursday, having gained 2.5% during the week.
The U.S. dollar pared losses on Thursday to finish flat at 100.55. The greenback suffered heavy losses earlier in the session after U.S. President Donald Trump talked down the currency by claiming it was “too strong.”
Trump’s actions over the past two weeks have caused market jitters to spike, triggering an exodus from U.S. stocks in favor of traditional safe havens. Earlier this month, the president ordered a strike on a Syrian airbase over accusations the government carried out a chemical attack on civilians.
Trump has also vowed to confront North Korea with or without China’s assistance. North Korea, a nuclear state, has promised brutal retaliation.
U..S. financial markets were closed for Good Friday, but government releases remained active. The Commerce Department reported Friday that retail sales declined unexpectedly in March, adding to concerns of a broad economic slowdown in the first quarter.
Receipts at retail stores declined 0.2% from February. So-called core sales were unchanged. Both figures came in below the consensus forecast.
Meanwhile, consumer prices declined 0.3% from February, as cost pressures cooled. In annualized terms, CPI inflation rose 2.4%, official data showed.
Comex Silver Futures (May 2017)