Silver Prices Rebound from Yearly Lows on Haven Demand, Bargain Hunting
Silver prices
rose for a second consecutive day Wednesday, as the combination of
haven demand and bargain-hunting boosted the market for precious metals.
Silver
for September settlement rose by as much as 1.1% through the overnight
session before paring gains later in the day. It was last seen trading
at $15.78 a troy ounce at 7:27 a.m. ET, up 4 cents, or 0.2%, from the
previous close.
With
the gain, silver has rebounded more than 2% over the past two days as
prices recovered from their lowest level in 15 months.
Gold prices
booked narrow gains through the morning session and were on track for a
third consecutive gain. The August futures contract added $1.60, or
0.2%, to $1,216.40 a troy ounce.
Gold’s
premium over silver has declined sharply in recent sessions as the grey
metal stabilized. As of Tuesday, one ounce of gold was worth 77.31
ounces of silver.
Precious metals received a boost on Tuesday after President Donald Trump’s eldest son released emails
that seemed to suggest a connection between the Trump campaign and
Russian officials during the 2016 election. The email chain was posted
to Donald Trump Jr.’s Twitter account after The New York Times informed
him of its intent to publicize the story.
U.S. stocks
declined sharply after the news, but later recovered. However,
speculation about Russian collusion may stoke fears of an investigation
into the president’s campaign, which would trigger fresh bouts of
volatility.
In currency news, the U.S. dollar pared losses against a basket of major peers. The dollar index (DXY) was last seen trading at 95.73, little changed from the previous close.
Thanks & Regards
Vinvestment of India
Avinash Lokhande
Mobile 9229462212
Vinvestment of India
Avinash Lokhande
Mobile 9229462212
