Silver prices have gained ground on the heels of a rally in gold, with prices for the white metal on Thursday settling at a nearly three-year high and outpacing the strength of gold’s gain in the year to date.
Prices for both metals had spent part of Thursday’s session trading lower, despite a year-to-date climb in Treasury yields BX:TMUBMUSD10Y and in the U.S. dollar DXY.
“One of the more impressive features of this gold run has been how impervious it is to what have typically been big headwinds,” Brien Lundin, the editor of Gold Newsletter, told MarketWatch.
Those headwinds include rising Treasury yields and a strong dollar, which Lundin said have had little influence on gold recently and “may have actually been helping it on some days.”
On Thursday, gold futures for June delivery GC00, 0.89% GCM24, 0.89% tacked on $24.30, or 1%, to settle at a record high of $2,372.70 an ounce on Comex, up 14.5% year to date.
Source: Marketwatch
