Silver remains above $28 after retreating from a new high.
The silver futures contract lost 0.77% on Wednesday, April 10, as it backed off from a new medium-term high of $28.66 following the Consumer Price Index release. Recently, it was rallying after the gold’s record-breaking advance, reaching the highest since June of 2021.
On March 21, silver failed to break above its early December local high of $26.34, backing off from the $26 level. Since then, it has been relatively weaker than gold.
Today, silver is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% higher, as it is trading above the $28 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.3% higher and palladium is 0.6% higher. So, the main precious metals’ prices are slightly higher this morning.
Yesterday’s Consumer Price Index release has been higher than expected at +0.4% m/m and +3.5% y/y. Today, we will get the important Producer Price Index number 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).
Thursday, April 11
- 8:15 a.m. U.S. - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. U.S. - FOMC Member Williams Speech
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
- All Day, Eurozone - Eurogroup Meetings
Friday, April 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist