Dice on Graph Paper
Markets

Silver prices soar in Asia, continue sharp overnight gains

Investing.com -

Investing.com - Silver prices continued sharp overnight gain into Asia on Tuesday and gold rose as investors continue to favor precious metals on political and economic concerns that suggest central banks will continue easy monetary policies for some time to come.

Gold on the Comex division of the New York Mercantile Exchange rose 0.97% to $1,352.00 a troy ounce, while silver continued sharp overnight gains, jumping 4.49% to$20.468 a troy ounce. The momentum behind silver's gains weren't readily apparent, though some investors suggest the widening gap with gold prices implied a catch-up rally with the fellow precious metal.

Copper prices dropped 0.23% to 2.215 a pound, giving up overnight gains on prospects for China to launch more economic stimulus efforts.

Overnight, silver futures spiked to levels not seen since July 2014 on Monday, while gold stayed near the strongest level in more than two years, as bullish momentum in the precious metals complex remained intact.

Precious metals have been well-supported in recent sessions amid growing expectations that central banks around the world will step up monetary stimulus in the near-term to counteract the negative economic shock from the Brexit vote.

Investors were also betting that the Federal Reserve would hold off on raising interest rates this year, instead of doing so twice as officials had projected.

In the week ahead, market players will be shifting their attention slightly away from Brexit-related headlines and more towards economic fundamentals and U.S. monetary policy, with the June nonfarm payrolls report and FOMC meeting minutes in the spotlight. There is also ISM services data on Wednesday.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS! http://glocdn.investing.com/news/silverr_M_1440050170.jpg

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.

Other Topics

ForEx