Silver prices slip Thursday as early trade dips to $75.46
Silver futures opened flat at $76.19 on Thursday but slipped to $75.46 in early trade, extending last week's decline after a surge during the US-China summit.
Silver prices moved lower in early trading on Thursday, with July futures slipping to $75.46 per ounce by 10:18 a.m. ET after opening flat at $76.19. The opening price was also $12 lower than last week's opening level, reflecting a pullback from the surge seen during the recent US-China summit.
For precious metals traders, silver's decline comes amid a broader consolidation phase after last week's sharp rally. The metal remains sensitive to shifts in industrial demand expectations and US dollar movements, as well as its dual nature as both a monetary and industrial asset. The flat open and subsequent slide suggest a lack of fresh catalysts to sustain the previous week's momentum, with market participants weighing the implications of the summit outcome on global trade and economic growth. Notably, silver often tracks gold but with higher volatility; gold has been supported by central bank buying since 2022, which has added a structural floor, but silver lacks that same institutional demand. The real US 10-year yield, which has an inverse correlation with precious metals, remains elevated, pressuring non-yielding assets. Additionally, the COMEX-LBMA spread has widened slightly, indicating some physical delivery stress, though not yet at critical levels. ETF flows into silver funds like SLV have been mixed, while gold ETFs such as GLD and IAU have seen steady inflows, reflecting a preference for gold among investors seeking safe havens. Jewelry demand for silver remains subdued in key markets like India, while industrial demand—which accounts for over half of silver consumption—is closely tied to global manufacturing activity. The DXY index has firmed, adding headwinds for dollar-denominated commodities.
Looking ahead, silver traders will focus on upcoming US economic data, including jobless claims and manufacturing PMIs, which could influence the dollar and risk appetite. The $75 level is a key psychological support, while resistance sits near the $77 area. Any further developments from the US-China trade talks or shifts in Federal Reserve policy expectations could drive the next directional move in silver prices. A break below $75 could open the door to the $73 region, while a recovery above $77 might reignite bullish momentum, especially if the dollar weakens or industrial demand outlook improves.