Silver opened the week below the key $20 price point after last Friday’s positive jobs report around a two-week low, but not below the $19.50 or $19.20 indicators, as determined by Swiss refiner MKS Pamp and DailyFX, respectively. Tuesday’s silver prices were fairly flat, slightly recovered after absorbing the jobs report.
The summer months are generally slow for precious metals, as heavy traders are in summer vacation mode, and true to form this week did not show any major movement for either gold or silver prices. The low volume of trade also accounts for potentially greater price shifts on an intra-day basis.
Wednesday saw silver rising above $20 per ounce on a weaker dollar, but not breaking through any upper range. Silver is middling ahead of any news from the Federal Reserve about the next rate hike, and the general uncertainty of world economies. This week no urgent news shifted prices this way or that, and silver closed out the week exactly where it started, around $19.70 per ounce.