Silver advances as dollar retreats before the weekend

Economies.com
2017-08-18 18:31PM UTC

Silver futures firmed above $17 for the second session in a row, as the dollar index lost ground following earlier data from the US, the world's largest economy. 

 

As of 07:15 GMT, silver futures due on September 15 rose 0.07% to $17.045 an ounce from the opening of $17.035, while the dollar index shed 0.17% to 93.47 from the opening of 93.62. 

 

Earlier from the US, University of Michigan released its preliminary reading for the consumer sentiment survey, which came at 97.6 in August, compared to July's 93.4, and comfortably beating expectations of 94.0. 

 

The current economic conditions index in the same survey fell to 111.0 from 113.4, while the economic outlook index rose to 89.0 from 80.5 last month. 

 

Inflation outlook for one year steadied at 2.6%, the same as July, while five-year inflation outlook fell to 2.5% from 2.6%, and finally, Federal Reserve Bank of Dallas President Robert Kaplan spoke at the Dallas County Community College, where he expressed his belief GDP growth will be above 2% this year. 

 

Earlier this week, the Fed released the minutes of the July 25-26 meeting, at which policymakers voted to maintain interest rates at between 1.0% and 1.25%, and asserting the normalizing plans of the bank's massive $4.5 trillion balance sheet despite recent concerns about softening inflation. 

 

US president Donald Trump dissolved two business and manufacturing advisory councils earlier this week after a wave of CEOs quit them in protest of Trump's failure to quickly condemn White supremacists in Charlottesville, Virginia.  

 

These tensions forced back to the surface concerns about Trump's agenda, including his promises to cut taxes and regulations and expand infrastructure spending, and to repeal and replace the current healthcare system known as Obamacare. 

 

Consequently, investors shifted liquidity to safe havens such as silver, which hit the highest sine June 14 earlier this week before relinquishing its gains and heading for a weekly loss.  

Commodities News

Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...
Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...

Commodities Technical Analysis

Oil Analysis

Commodities

End of day crude oil price forecast update - 28-03-2024
2024-03-28 17:43PM UTC
Crude oil price breached 82.40$ strongly to rally upwards and approach our waited target at 83.56$, ...
Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...