Silver Prices Approach $17.00 as Five-Day Rally Continues

London (May 17)  Silver notched gains Wednesday, extending its rally for a fifth straight session on the heels of a technical correction and sliding U.S. dollar.

July silver futures advanced 16 cents, or 0.9%, to $16.91 a troy ounce at 7:27 a.m. ET. That was the contract’s highest print this month. Overnight, prices fluctuated between $16.82 and $16.94.

The grey metal has added 5% over its winning streak, reflecting a broad correction from the May 9 swing low below $16.00 a troy ounce.

Precious metals are rallying across the board, with gold poised for its sixth consecutive gain. The June futures contract was last up $9.50, or 0.8%, at $1,245.80 a troy ounce.

The gold/silver ratio continues to drift in the latter’s favor. As of Tuesday’s close, one ounce of gold was worth 73.98 ounces of silver. Just a week earlier, that ratio was nearing 76.00 ounces.

Political turmoil surrounding the Trump administration has rocked the U.S. dollar this week, with the currency falling to its lowest level since early November. This has enabled the euro and British pound to string together impressive gains.

The dollar index was down 0.1% at 97.99 Wednesday morning, having declined nearly 2% this week.

On the economic calendar, the Eurozone’s annual inflation rate was confirmed at 1.9% in April, matching forecasts.

U.K. employers added __ workers to payrolls last month, with average hourly earnings climbing 2.4% annually in the three months ended March. All  U.K. data were courtesy of the Office for National Statistics.

There were no major events scheduled in North America on Wednesday. Market participants will turn their attention to speeches from the Federal Reserve and European Central Bank in the latter half of the week.

Source: EconomicCalendar