Positive Economic Data Likely to Support Silver Prices – Investing.com

Positive Economic Data Likely to Support Silver Prices – Investing.com

was trading near $26.183, slightly higher from Friday’s closing on the backdrop of positive economic data which is supportive for industrial metal demand.

US Treasury Secretary Janet Yellen on Sunday stated that President Joe Biden’s plans for infrastructure, jobs, and families, will not cause immediate inflation. She said that the spending will be phased in over a decade.

Dallas Federal Reserve Bank President Robert Kaplan on Friday called for beginning the conversation about reducing central bank support for the economy, warning of imbalances in financial markets, and arguing the economy is healing faster than expected. This is likely to keep precious metals under pressure.

Meanwhile, China’s consumption soared 93.9% in the first three months from the same quarter a year earlier according to the China Gold Association.

On the economic data front, US Mar rose +4.2% m/m, against expectations of +4.1% m/m and the biggest increase in 9 months. Also, Mar rose a record +21.1% m/m (data from 1946), against expectations of +20.3% m/m.

In addition, the Apr unexpectedly rose +5.8 to 72.1, against expectations of a decline to 65.0. The final-April rose +1.8 to a 13-month high of 88.3, stronger than expectations of 87.5.

Other global economic data were