Silver opened the week lower by 0.5% on Monday, the lowest level since April 18. The rising dollar was a primary influence early in the week, causing precious metals prices across the board to decline. Last week’s Federal Reserve minutes that indicated a rate hike in June also put pressure on the price of silver. Positive U.S. home data released Tuesday continued to spark renewed hope in a U.S. economic recovery.
Thursday’s silver price regained some strength, but not breaking through key resistant levels. Silver rose to $16.46 per ounce, an increase of 1.5% compared to the beginning of the week. Silver seems to be following gold’s trajectory for the most part, as the yellow metal also experienced losses this week.
After April’s wild gains for silver, the white metal is now experiencing a pullback, as gold is. While silver may drop lower in the near-term, some analysts believe a three-month trajectory for silver includes the $15 to $18 range. One Canadian silver mining company, First Majestic Silver Corp, reports that the demand for smartphones and tablets is expected to increase, and that silver in electronics could contribute to silver prices heading upwards.