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Silver falls 1% with U.S. data in focus

CommoditiesFeb 13, 2014 04:25AM ET
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Silver prices drop 1% ahead of U.S. data

Investing.com - Silver prices fell from the previous session’s three-week high on Thursday, as investors awaited the release of key U.S. economic data later in the session for further indications on the strength of the economy and the future course of monetary policy.

On the Comex division of the New York Mercantile Exchange, silver for March delivery held in a range between USD20.12 a troy ounce and USD20.29 an ounce.

Silver prices last traded at USD20.14 a troy ounce during European morning hours, down 1%.

The March contract rallied to USD20.39 an ounce on Wednesday, the most since January 19, before trimming gains to settle at USD20.34 an ounce, up 0.93%.

Silver futures were likely to find support at USD19.91 a troy ounce, the low from February 11 and resistance at USD20.39, the high from February 12.

Meanwhile, gold futures for April delivery shed 0.5% to trade at USD1,288.40 a troy ounce. Gold futures hit USD1,296.40 an ounce on Wednesday, the highest since November 8, before paring gains to settle at USD1,295.00, up 0.4%.

Prices were likely to find support at USD1,264.70 a troy ounce, the low from February 10 and resistance at USD1,313.30, the high from November 8.

The U.S. is to produce data on retail sales for January, as well as the weekly report on initial jobless claims later in the session.

Meanwhile, Federal Reserve Chair Janet Yellen is to testify on the bank’s semiannual monetary policy report before the House Financial Services Committee, in Washington.

In her first congressional testimony on Tuesday, Fed Chair Yellen said that the central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected.

She added that the pace of the central bank’s bond purchases are not on a “preset course”, while reiterating that Fed plans to hold interest rates at zero “well past” the time the jobless rate falls below 6.5%.

The testimony is coming amid fresh concerns over the outlook for the recovery, following the weakest two-month stretch of U.S. job creation in three years in December and January.

The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting.

Elsewhere on the Comex, copper futures for March delivery fell 0.5% to trade at USD3.240 a pound.

Silver falls 1% with U.S. data in focus
 

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