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Silver Prices Edge Lower After North Korea Missile Test

Silver prices edged slightly lower on Friday, as investors reacted to the latest provocation from North Korea.

Silver futures for December deliver slipped 3 cents, or 0.2%, to $17.76 a troy ounce at 8:11 a.m. ET. The contract established an overnight trading range of $17.67 and $17.92.

The metal is on track for a weekly decline after a month-long rally drove prices to nearly five-month highs.

Gold was little changed on Friday, and was also on track for a weekly drop. December bullion held relatively steady at $1,328.80 a troy ounce on the Comex division of the New York Mercantile Exchange.

Markets were surprisingly calm after North Korea fired its second missile over Japan in as many months. The test-launch, which occurred in the early morning local time, was confirmed by Japan’s top government spokesman.

The Japanese yen immediately spiked after the news broke, but gave back the majority of its gains within minutes.

The yen is a popular hedge against global volatility and is considered most sensitive to North Korea. The market’s subdued reaction suggests traders are getting less excited by Pyongyang’s provocations.

The U.S. dollar moved lower against a basket of world currencies on Friday, but was still on track for a weekly gain. Last Friday, the greenback fell to its lowest level since January 2015.

Comex Silver Futures (December 2017)