Silver prices traded within a narrow range on Monday, fresh off its second consecutive weekly decline.
July silver futures slipped 4 cents, or 0.2%, to $16.63 a troy ounce at 7:30 a.m. ET. Prices fluctuated within a narrow range overnight, reaching a low of $16.57 and a high of $16.68.
Gold prices also traded slightly lower at the start of the week, with the August futures contract falling $4.20, or 0.3%, to $1,252.30 a troy ounce.
Precious metals are coming off back-to-back weekly declines, reversing a multi-week uptrend that sent prices to nearly two-month highs.
Gold’s premium over silver reached 75.38 ounces on Friday, which is just below the 60-day high.
The U.S. dollar has offered little resistance in recent weeks, with demand remaining relatively low even after the Federal Reserve voted to raise interest rates last Wednesday.
The dollar index – a barometer of the U.S. currency against a basket of six rivals – edged down 0.1% to 97.10.
In economic data, Japan’s trade balance fell into deficit last month, as imports outpaced exports in terms of growth. The Ministry of Finance reported a merchandise trade deficit of ¥203.4 billion in May, compared to a surplus of ¥481.1 billion in April. Exports increased 14.9%, while imports grew 17.8%.
There were no other major reports scheduled for Monday.
Federal Reserve Bank of Chicago President Charles Evans will deliver a speech on the current state of monetary policy at New York University at 7:00 p.m. ET. Evans is a voting member of the Federal Open Market Committee (FOMC) this year, and was on the panel that initiated the rate hike last week.
Comex Silver Futures (July 2017)