Silver prices hit a two-month high on industrial demand optimism, while gold retreats ahead of key U.S. inflation figures.
Silver July futures opened at $86.74 per ounce, surging 8.2% from Monday’s $80.15, marking the highest opening since March 11. Prices later eased to $84.50 by 6:53 a.m. ET. The rally follows President Trump’s China trip, raising hopes for improved trade and manufacturing demand.
Gold June futures opened at $4,745.30, up 0.4% from Monday’s close, but slipped to $4,696.70 in early trading. Investors await April’s Consumer Price Index report, expected to reflect inflationary pressures from the Iran conflict. Producer prices data follows tomorrow, with Fed rate hike discussions looming.
Market focus remains on geopolitical risks and inflation data, which could sway precious metals’ near-term trajectory.