Silver Prices Trade Near $16.00 Ahead of Active Week

Silver prices rose on Monday, building off last week’s rebound as investors turned their attention to an active week dominated by corporate earnings and central banks.

September silver futures gained 12 cents, or 0.7%, to $16.05 a troy ounce at 7:10 a.m. ET. The futures contract was trading at session highs ahead of New York trade.

Silver rallied 3.6% last week, snapping back-to-back weekly declines.

Gold prices also rose through the early morning trade, with the August futures contract climbing $2.90, or 0.2%, to $1,230.40 a troy ounce.

The U.S. dollar index (DXY) continued to trade near 11-month lows at the start of the week. The index was unchanged at 95.17 after sliding nearly 1% last week.

The Chinese economy expanded at a faster pace in the second quarter, with broad measures of economic growth picking up speed. Gross domestic product (GDP) accelerated at an annualized 6.9% in April-June, the National Bureau of Statistics said.

Separately, the NBS reported a 7.6% spike in annual industrial production in June, which was well above May’s 6.5% expansion.

Urban investment also rose 8.6% annually in the first six months of the year, official data showed.

Risk sentiment rose sharply last week following dovish testimony from U.S. Federal Reserve Chairwoman Janet Yellen. This week, investors are awaiting a deluge of high-profile corporate earnings from several Dow 30 companies.

The European Central Bank (ECB) and Bank of Japan (BOJ) are also scheduled to deliver policy decisions later in the week. Both central authorities are expected to keep interest rates on hold.

Comex Silver Futures (September 2017)

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Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.