Silver prices were little changed Thursday, as risk-off bets cooled amid a bevy of corporate earnings results.
May silver futures consolidated at $18.17 a troy ounce at 7:50 a.m. ET, little changed from the previous close. The futures contract traded within a narrow range of $18.11 and $18.22 through the overnight session.
Gold prices also hovered near one-week lows following a sharp correction the previous session. The June futures contract was last down $3.20, or 0.3%, at $1280.20 a troy ounce.
The U.S. dollar was back on the defensive Thursday, pressured by a stronger pound. The dollar index, a weighted average of the greenback against a basket of six other major currencies, slipped 0.1% to 99.62.
The pound rose 0.2% to 1.2804 U.S. Sterling spiked at the start of the week after U.K. Prime Minister Theresa May announced a snap parliamentary election scheduled for June 8.
Precious metals have been well supported in recent weeks by escalating geopolitical tensions over North Korea and looming French elections. These factors will continue to influence investor sentiment heading into next week.
Corporate earnings are also on the radar, with several Dow Jones blue-chips scheduled to report next week. The Dow Jones Industrial Average fell triple digits on Wednesday after technology juggernaut IBM Corp (NYSE: IBM) reported another quarter of year-over-year revenue declines.
U.S. equity futures were trading higher in pre-market activity, pointing to a positive start to the day on Thursday.
Comex Silver Futures (May 2017)