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Silver futures modestly higher in rangebound trade

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Investing.com - Silver futures were mildly higher in rangebound trade on Monday, tracking gold prices higher, as a broadly weaker U.S. dollar boosted the appeal of the precious metal.

On the Comex division of the New York Mercantile Exchange, silver futures for July delivery traded at USD22.61 a troy ounce during European morning trade, up 0.5% on the day.

Comex silver prices held in a tight range between USD22.28 a troy ounce and a session high of USD22.66 a troy ounce.

Silver prices were likely to find support at USD21.92 a troy ounce, the low from May 23 and resistance at USD23.12, the high from May 20.

Trading is expected to be thin on Monday as Comex floor trading will remain closed for Memorial Day.

Silver prices were boosted due to a slightly weaker U.S. dollar, as dollar-priced commodities become cheaper to investors holding other currencies when the greenback weakens.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.15% to trade at 83.57.

Elsewhere on the Comex, gold for June delivery was up 0.4% to trade at USD1,392.95 a troy ounce, while copper for July delivery eased up 0.2% to trade at USD3.303 a pound.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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