Investing.com - Silver prices moved higher on Monday, as the
first quarter came to an end, while investors looked ahead to key
U.S. data later in the day and a speech from Federal Reserve Chair
Janet Yellen for further indications on the future course of
On the Comex division of the New York Mercantile Exchange,
silver for May delivery rose to a session high of $19.96 a troy
ounce, the strongest level since March 26.
Silver last traded at $19.93 an ounce during European morning
hours, up 0.72%, or 14.2 cents.
Futures ended Friday's session up 0.42%, or 8.2 cents, to settle
at $19.79 an ounce. Prices tumbled to a seven-week low of $19.57 an
ounce on March 27.
Silver futures were likely to find support at $19.62 an ounce,
the low from March 28 and resistance at $20.14, the high from March
The U.S. is to publish data on manufacturing activity in the
Chicago-area for March later in the day. Meanwhile, Fed Chair
Yellen will speak at the National Interagency Community
Reinvestment Conference in Chicago.
Investors are also looking ahead to Friday's U.S. nonfarm
payrolls report for March, amid expectations for jobs growth of
200,000, after 175,000 jobs were added in February.
A recent batch of upbeat U.S. economic data added to hopes that
the slowdown in economic activity seen at the start of the year
would be temporary, fuelling speculation that the Fed will begin to
raise rates sooner than previously thought.
Elsewhere on the Comex, gold for June delivery held in range
between $1,290.90 a troy ounce and $1,299.10 an ounce. Gold last
traded at $1,294.80 an ounce, up 0.04%, or 60 cents.
Gold fell to $1,286.10 an ounce on Friday, the weakest level
since February 12, before trimming losses to settle at $1,294.30,
down 0.04%, or 50 cents.
Meanwhile, copper for May delivery shed 0.3%, or 0.9 cents, to
trade at $3.032 a pound.
Copper remained supported amid indications that China's
government is prepared to do more to shore up the cooling economy
after China's premier Li Keqiang said Friday that the country has
policies in place to counter economic volatility.
The remarks helped ease concerns over recent signs of a slowdown
in the world's second-largest economy. The Asian nation is the
world's largest copper consumer, accounting for almost 40% of world
consumption last year.
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