Silver gives up earlier gains and closes lower
Silver futures fell on Wednesday, to pullback from the earlier gains, as the US dollar rallied against most currencies, despite a slump in stock markets.
Data showed today that the US producer price index in fell 1.3% during April, lower than estimates of 0.5%.
The dollar index rose against a basket of currencies by 0.1% to 100.2 points as of 20:28 GMT, after it hit an intraday high of 100.2 and a low of 99.5.
Federal Reserve Chairman Jerome Powell stated that the US economy is facing the worst economic downturn since World War II due to the coronavirus crisis.
Powell added that the Fed will use all the necessary tools to support the economy but will not adopt negative interest.
Silver July futures fell 0.2% to close at $15.671 an ounce, after a day high of $15.91 and a low of $15.545.
Gold closes above $1,700 mark for second straight day
Gold futures rose on Wednesday, despite the US dollar rally, as investors rushed to safe havens amid uncertainty over several economies measures to reopen and the global economy recovery from the coronavirus impact.
Federal Reserve Chairman Jerome Powell stated that FOMC members are working on monetary policies that support the economy following the coronavirus impact on many sectors.
The dollar index rose against a basket of currencies by 0.1% to 100.2 points as of 19:03 GMT, after it hit an intraday high of 100.2 and a low of 99.5.
Data showed today that the US producer price index in fell 1.3% during April, lower than estimates of 0.5%.
Gold June futures rose 0.6% to close at $1,716.4 an ounce, after a day high of $1,726.8 and a low of $1,701.5.
Oil deepens losses despite surprise drop in US inventories
Oil prices fell on Wednesday, amid concerns several economies measures to reopen the economy and the uncertainty about the global economy recovery from the coronavirus impact.
The US Energy Information Administration (EIA) showed today that the US crude inventories fell by 700,000 barrels, lower than forecasts of a rise by 4.8 million.
While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories rose by 7.6 million barrels during same period.
However, some analysts fear that the economic reopening measures will not be enough to lift the global demand for oil and the recovery will be slow, amid expectations for a sharp global economic recession.
West Texas Intermediate crude fell 3.4% to $24.89 a barrel as of 18:14 GMT, after it hit a day high of $26.4 and a low of $24.7.
Brent crude fell 3.1% to $29.06 a barrel, with a high of $30.5 and a low of $28.9.
Dollar edges higher after Powell's remarks
The US dollar rose against most of its major counterparts on Wednesday, after Federal Reserve Chairman Jerome Powell's remarks.
Fed Chair, Jerome Powell, stated that FOMC members are working on monetary policies that support the economy following the coronavirus impact on many sectors.
Powell added that the Fed will not adopt negative interest though, despite his previous statements that the bank will use all the necessary tools to support the economy.
Data showed today that the US producer price index in fell 1.3% during April, lower than estimates of 0.5%.
The coronavirus crisis continues to dominate the global scene, as several economies are planned to reopen after a prolonged lockdown that took weeks in aims to contain the deadly disease.
The dollar index rose against a basket of currencies by 0.1% to 100.2 points as of 18:35 GMT, after it hit an intraday high of 100.2 and a low of 99.5.