Silver Prices Extend Gains Toward $17

economic calendar-Silver prices rose Monday, as demand for risk-off grew after a tumultuous week in the financial market. July silver futures climbed 18 cents, or 1.1%, to $16.98 a troy ounce at 7:26 a.m. ET. Prices pierced through the $17 handle overnight, as silver bullion touched intraday highs not seen since the end of April. Silver Prices Extend Gains
The grey metal made an attempt at that coveted level last Wednesday before succumbing to bearish pressure. The bear camps have been vocal about the metal’s failure to extend gains north of $17. However, a persistently weaker dollar has kept demand for precious metals elevated in recent weeks. The U.S. dollar index was down 0.2% at 96.95 Monday morning. The greenback has dropped in six of the past eight sessions. Gold prices were up $3.20, or 0.3%, at $1,256.80 a troy ounce through the early morning. Gold’s premium over silver rose last week to 74.79 ounces. It had fallen to as low as 74 ounces earlier in the week.   In economic data, Japan’s trade surplus narrowed in April, as import growth outpaced exports. Tokyo posted a merchandise trade surplus of ¥481.7 billion, compared to ¥614.7 billion the month before. Exports rose for a fifth consecutive month on higher shipments of semiconductors and steel. Exports to the United States expanded 2.6% in April from a year ago due to higher sales of automobiles and parts.   Japan’s export growth is seen as a proxy of global demand, which has implications for broader economic growth. Japan’s traditionally strong manufacturing sector has helped fuel the global economy for decades. With the nation’s exports ramping up, market participants are cautiously optimistic that global growth is shifting into higher gear. There were no other major economic events scheduled for Monday.

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