Investing.com - Silver futures came under heavy selling pressure on Tuesday, tracking gold prices lower, as sentiment on the precious metals complex remained bearish.
On the Comex division of the New York Mercantile Exchange, silver futures for July delivery traded at USD23.69 a troy ounce during European morning trade, down 1.1% on the day.
Comex silver prices fell by as much as 1.7% earlier in the day to hit a session low of USD23.53 a troy ounce.
Silver prices were likely to find support at USD23.24 a troy ounce, the low from May 1 and near-term resistance at USD24.41, the previous session’s high.
Losses were limited amid ongoing expectations the Federal Reserve and the European Central Bank will continue with their easy monetary stimulus policies.
ECB President Mario Draghi said on Monday that the central bank would monitor all euro zone economic data in the coming weeks and was ready to act again if needed.
The ECB cut rates to a record low 0.5% from 0.75% at last Thursday’s policy meeting.
Meanwhile, in the U.S., the Fed last week recommitted to its USD85 billion a month asset purchase program and indicated that it could increase or decrease the monthly amount, depending on the outlook for inflation and employment.
Silver, like gold, can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies.
Elsewhere on the Comex, gold for June delivery fell 0.6% to trade at USD1,459.65 a troy ounce, while copper for July delivery dipped 0.25% to trade at USD3.302 a pound.
On the Comex division of the New York Mercantile Exchange, silver futures for July delivery traded at USD23.69 a troy ounce during European morning trade, down 1.1% on the day.
Comex silver prices fell by as much as 1.7% earlier in the day to hit a session low of USD23.53 a troy ounce.
Silver prices were likely to find support at USD23.24 a troy ounce, the low from May 1 and near-term resistance at USD24.41, the previous session’s high.
Losses were limited amid ongoing expectations the Federal Reserve and the European Central Bank will continue with their easy monetary stimulus policies.
ECB President Mario Draghi said on Monday that the central bank would monitor all euro zone economic data in the coming weeks and was ready to act again if needed.
The ECB cut rates to a record low 0.5% from 0.75% at last Thursday’s policy meeting.
Meanwhile, in the U.S., the Fed last week recommitted to its USD85 billion a month asset purchase program and indicated that it could increase or decrease the monthly amount, depending on the outlook for inflation and employment.
Silver, like gold, can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies.
Elsewhere on the Comex, gold for June delivery fell 0.6% to trade at USD1,459.65 a troy ounce, while copper for July delivery dipped 0.25% to trade at USD3.302 a pound.