Silver price remains close to $22 as markets wager Middle East conflict risks.
The silver futures contract gained 0.93% on Monday, October 9 as it extended its Friday’s rally of 3.4% following the Israeli-Palestinian conflict news. On Friday silver rallied after a better-than-expected monthly jobs data release. The market retraced some of its recent declines after bouncing from $21 price level. Last week on Wednesday the market reached new medium-term low of $20.85. and it was the lowest since early March.
Today silver is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower as it is trading below the $22 level again. What about the other precious metals? Gold is 0.3% higher platinum is 0.2% lower and palladium is 1.3% lower. So the main precious metals’ prices are mixed this morning.
Yesterday we didn’t get any new important economic data, but the markets reacted to the news about Israeli-Palestinian conflict. Today we will have the Final Wholesale Inventories release at 10:00 a.m., among others. Investors will be waiting for the important PPI release tomorrow and the CPI number on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, October 10
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:30 p.m. U.S. - FOMC Member Waller Speech
- 3:00 p.m. U.S. - FOMC Member Kashkari Speech
- Tentative, Eurozone - ECB President Lagarde Speech
- All Day - IMF Meetings
Wednesday, October 11
- 4:15 a.m. U.S. - FOMC Member Bowman Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:15 a.m. U.S. - FOMC Member Waller Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist