Silver prices advanced steadily Friday and were poised for firm weekly gains after a bout of risk aversion swept the financial markets.
Silver for July settlement advanced 11 cents, or 0.7%, to $16.78 a troy ounce at 7:32 a.m. ET. The futures price hovered between a range of $16.57 and $16.80 during overnight trade.
Silver is up more than 3% for the week, as precious metals rallied on political tensions and a rapidly declining U.S. dollar.
These broad market forces pushed gold prices to multi-week highs on Thursday. The June futures contract was little changed at 1,252.80 a troy ounce.
Political chaos surrounding President Donald Trump is expected to continue until the FBI concludes its investigation into alleged collusion with Russia during the 2016 election.
The U.S. dollar fell to fresh seven-month lows against a basket of other major currencies Friday. The dollar index was last down 0.5% at 97.40, having declined more than 2% for the week.
In economic data, Germany’s producer inflation index strengthened in April, signaling a return to strength for Europe’s largest economy. The producer price index (PPI) rose 0.4% in April, the Federal Statistics Office reported Friday. Compared to a year ago, factory-gate prices rose 3.4%. Both figures were higher than expected.
European equities stabilized after a broad selloff on Thursday triggered by political tumult out of Washington. The Stoxx Europe 600 Index climbed 0.4%, with all the major bourses finishing higher.
Comex Silver Futures (July 2017)