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Silver futures slip as investors await U.S. jobs data

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Investing.com - " Silver prices were lower on Tuesday, as ongoing uncertainty over the direction of U.S. monetary policy kept investors in a cautious mood.

On the Comex division of the New York Mercantile Exchange, silver futures for December delivery traded at USD21.62 a troy ounce during European morning trade, down 0.35%.

Silver prices fell to a session low of USD21.56 a troy ounce earlier, the weakest level since October 17. The December contract ended 0.63% lower on Monday to settle at USD21.70 a troy ounce.

Futures were likely to find support at USD21.10 a troy ounce, the low from October 17 and resistance at USD22.62, the high from October 31.

Market players looked ahead to the release of key U.S. economic data later in the week to help assess the timing for a reduction in the Fed's bond-purchasing program.

The U.S. is set to release preliminary data on third quarter economic growth on Thursday, while October's highly-anticipated nonfarm payrolls report is scheduled for Friday.

The Fed sounded more optimistic than anticipated in its assessment of the economy following its policy-setting meeting last week, sparking speculation the central bank could start tapering stimulus at its December meeting.

Silver traders have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.

Prices of the precious metal have largely tracked shifting expectations as to whether the Fed would start tapering its USD85-billion-a-month asset-purchase program by the end of the year.

Elsewhere on the Comex, gold for December delivery inched down 0.25% to trade at USD1,311.60 a troy ounce, while copper for December added 0.2% to trade at USD3.259 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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