Silver price is back below $32; inflation data in focus.
The silver futures contract lost 2.59% on Thursday, May 30, as it retraced a large part of its Monday’s-Tuesday’s advance of over 5% in a reaction to falling stock prices, among other factors. Last Thursday, silver sold off by 3.3%, and on Friday, it fluctuated above the $30 level. Last week, it reacted negatively to the stock market’s pullback, along with declining gold prices and strengthening U.S. dollar. Last Monday, silver reached a new long-term high of $32.75, extending advances after breaking above the $30 level.
In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high of $29.91. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is extending a consolidation above $30 mark, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading slightly below the $31.50 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.7% higher and palladium is 0.1% lower. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s Preliminary GDP release has been higher than expected at +1.3% q/q. Today, we will get the important Core PCE Price Index at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, May 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 6:15 p.m. U.S. - FOMC Member Bostic Speech
Monday, June 3
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist