Daily Silver News: March 1 – Silver Trades Along $23

Silver price remains slightly below $23; more key economic data in focus.

The silver futures contract gained 1.10% on Thursday, February 29, as it went closer to the recent local highs following advancing gold prices, economic data. It basically extended a short-term consolidation below the $23 level. Last week, the market retraced more of the previous week’s run-up despite weaker U.S. dollar and stable gold prices. On February 14, it dipped slightly below the January 22 local low of around $22.

Today silver is trading along its yesterday’s daily close, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: March 1 – Silver Trades Along $23 - Image 1

The silver price is 0.1% higher, as it is trading along the $22.90 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.6% lower and palladium is 0.7% higher. So, the main precious metals’ prices are mixed this morning.

Yesterday’s important Core PCE Price Index release has been as expected at +0.4% m/m. Today, we will get the ISM Manufacturing PMI and Revised UoM Consumer Sentiment numbers at 10:00 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, March 1

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, Revised UoM Consumer Sentiment, ISM Manufacturing Prices, Revised UoM Inflation Expectations, Construction Spending m/m
  • 10:15 a.m. U.S. - FOMC Member Waller Speech
  • 10:50 a.m. U.S. - FOMC Member Bostic Speech
  • 1:30 p.m. U.S. - FOMC Member Daly Speaks
  • 3:30 p.m. U.S. - FOMC Member Kugler Speech
  • Tentative, U.S. - Fed Monetary Policy Report

Monday, March 4

  • 8:45 p.m. China - Caixin Services PMI
  • 11:00 p.m. Japan - BOJ Governor Ueda Speech

Paul Rejczak
Stock Trading Strategist