Silver jumps to 2-month peak on strong Chinese data

Silver prices rose in European trade on Friday, to head for third straight daily gain and hit a 2-month high, while on the cusp of the second weekly gain, on strong safe-haven demand, following upbeat Chinese  factory production data. 

Silver prices rose 3.15% to the highest since March 12 at $16.35 an ounce, after closing higher by 1.9% yesterday, as most precious metals surged.

China showed today that its industrial production rose 3.9% in April, beating forecasts of 1.5% vs. a contraction of 1.1% in March.

The data boosted market's hopes about the Chinese economy ability to recover after relaxing the coronavirus lockdown restrictions.

Silver prices gained 5.5% so far this week, on the cusp of the second weekly gain, on strong safe-haven demand, following gloomy forecasts for the global economy and renewed tensions between the US and China.