Daily Silver News: November 3 – Silver Price Is Closer to Recent Lows
Silver is relatively weaker than gold as markets await important jobs data.
The silver futures contract gained 0.25% on Thursday, November 2 as it was still trading along the $23 price level. Recently silver fell on strengthening U.S. dollar, interest rate uncertainty. It was as low as $22.65 before bouncing after the FOMC release. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and on Friday October 20 it traded as high as $23.9.
Today silver is trading lower as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower as it is trading along the $22.70 level. What about the other precious metals? Gold is 0.1% higher platinum is 0.3% higher and palladium is 0.6% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 217,000. Today we will get the important monthly jobs data at 8:30 a.m., including Nonfarm Payrolls, Unemployment Rate numbers. We will also get the important ISM Services PMI release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 3
- 8:00 a.m. U.S. - FOMC Member Barr Speech
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change,
- Unemployment Rate
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
Monday, November 6
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
- Tentative, U.S. - Loan Officer Survey
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