Silver Jumps 6.3% to $59.47 as Gold Rebounds to $4,119.04
Updated
Updated · CNBC · Jul 23
Silver Jumps 6.3% to $59.47 as Gold Rebounds to $4,119.04
1 articles · Updated · CNBC · Jul 23
Summary
Spot silver climbed to $59.47 an ounce in early Wednesday trading, up 6.3% from the end of last week, while spot gold rose 2.4% to $4,119.04.
ING said the rebound reflects bargain hunting after recent weakness, not a fundamental shift in geopolitics or the macro backdrop.
Both metals still sit far below their late-January peaks of $121.67 for silver and $5,589.38 for gold after higher rates, a firmer dollar and oil-driven inflation worries dulled demand.
Bank of America warned gold could face a deeper correction after its worst quarter in 13 years, while UBS cut its preferred silver entry range to $48-$50 and said near-term headwinds persist.
ING sees silver with more room to outperform if industrial metals stay firm, though both metals remain sensitive to energy markets and expectations for US monetary policy.