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Silver rises toward $58.80 as softer US data weighs on dollar
Silver gained around 1.7% after June core PCE growth undershot forecasts and US GDP came in below expectations.
Silver prices climbed toward $58.80 per ounce on Thursday, rising about 1.7% as softer US inflation data and weaker-than-expected economic growth pressured the US dollar, according to FXStreet.
The outlet cited June core PCE, which rose 0.1% month over month versus a 0.2% market forecast, and eased to 3.3% year over year from 3.4%. Headline PCE declined 0.1% on the month and the annual rate slowed to 3.7% from 4.1%.
FXStreet also pointed to expectations shifting toward a less restrictive Federal Reserve stance if price pressures continue to moderate, even as it noted the GDP price index jumped 6.3% in the second quarter, above the 3.6% forecast.
On the charts, FXStreet said XAG/USD traded around $58.76 and held support near $58.66, with resistance near $58.94 and $59.26, based on its technical levels.
Latest closeSilver $59.48 ▼0.7%