Metals in focus as bullish the CME Silver future posts 0.95% gain

Published: January 25 2023, 19:56 GMT+0

Metals in focus as bullish the CME Silver future posts 0.95% gain

Silver goes up to $23.98 per troy ounce, having dipped down to $23.44 earlier.

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

At the same time, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

This rally in the CME Silver future's price coincides with other Metals as Gold ascends 0.36% to trade around $1,942.3.

While Silver is higher so far today, these Metals commodities are underperforming: Platinum decreases 2.02% to trade around $1,045.2. Palladium slips 2.74% to trade around $1,688.

Furthermore, the market is looking at tomorrow 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%. United States GDP projected to come out at 2.6 — worse than previous data of 3.2; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

Trading mostly sideways for a month. The past 3 months have been positive for the CME Silver future as it added 23.76% compared to its 3-month low of $17.67.

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