Silver moves higher ahead of Chicago PMI, Yellen speech
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 monetary policy.
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 26.
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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