Metals in focus as bullish CME Silver posts 0.25% gain

Published: January 26 2023, 03:51 GMT+0

Metals in focus as bullish CME Silver posts 0.25% gain

After closing the previous trading day at $23.94, Silver is up to $24 per troy ounce, which makes for a move of 0.25%/5.9 cents today.

On the flip side, Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

This rally in the CME Silver future's price coincides with other Metals as Gold gained 0.26% and is now trading at $1,947.6. Having closed the previous session at $1,688, Palladium is up 0.78% today to currently trade at around $1,701.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Also worthy of note, today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%.

The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

Trading mostly sideways for a month. The past 3 months have been positive for Silver as it added 22.84% compared to its 3-month low of $17.67.