Silver Price News: Silver Ends Little Changed After Volatile End To Week

Silver prices ended little changed on Friday, holding above the $28.00 an ounce level as gold prices retreated from all-time highs.

Prices briefly spiked as high as $30.50 an ounce, although there was little sustained trade at those highs. Prices subsequently fell back to $28.00 an ounce before rebounding to around $28.50 an ounce later in the session, little changed from Thursday.

The late losses for silver followed the price action in gold, where prices initially pushed up to an all-time high on Friday, only to fall back sharply later in the day.

US unemployment and manufacturing data released on Friday indicated a slowing economy, notionally driving interest in safe haven assets and underpinning expectations of more dovish monetary policy by central banks.

In that context, the markets will be watching closely to see if the $28.00 level can provide some support for silver. Prices tested the downside at around $27.50 twice in late July, and it remains to be seen whether the market has broken out of a two-month price slump. June and July have seen the grey metal come under downward pressure as manufacturing activity around the world has shown clear signs of slowing, casting a shadow over industrial demand for silver.

By contrast, gold prices pushed up to fresh all-time highs last week, taking support from expectations of US Fed rate cuts in September as well as heightened geopolitical tensions in the Middle East, only to fall back later in the day on apparent profit taking.

Looking ahead, Monday will see the release of US ISM services PMI figures for July, while Tuesday will see German factory orders for June.