Silver Prices Hit Five-Week Highs Ahead of U.S.-China Summit

London (April 4)  Silver prices advanced Tuesday, reaching their highest level in more than one month, as buying interest returned to precious metals ahead of a key trade summit between the U.S. and China.

May silver futures advanced 17 cents, or 0.9%, to $18.38 a troy ounce at 7:21 a.m. ET. Prices fluctuated within a daily range of $18.27 and $18.43 overnight.

Gold prices also moved higher on Tuesday, with the June futures contract advancing $6.80, or 0.5%, to $1,260.80 a troy ounce.

The U.S. dollar, which normally trades inversely with precious metals, also gained on Tuesday. The dollar index climbed 0.1% to 100.68, putting it on track for its highest settlement since March 15.

The greenback gained ground against the euro, pound and Canadian dollar early Tuesday.

In economic data, Eurozone retail sales rose faster than anticipated in February, offering further evidence of a deepening recovery. Receipts at retail stores rose 0.7%, following an upwardly revised 0.1% gain in January, the European Commission’s statistics agency said. In annualized terms, retail sales rose 1.8%.

Economic data will be in focus throughout the week, as investors gear up for a pair of U.S. jobs reports. On Wednesday, ADP Inc. will release its estimate of March private payrolls. Two days later, the Labor Department will produce the official nonfarm payrolls report.

On the policy front, the Reserve Bank of Australia (RBA) voted Tuesday to leave interest rates at record lows. The central bank’s official cash rate has held at 1.5% since last August.

European stocks wavered on Tuesday as investors awaited a key meeting between U.S. President Donald Trump and Chinese President Xi Yinping. The meeting will be held at an upcoming bilateral summit, which could be a source of volatility for the financial markets.

Source: EconomicCalendar