Silver Spot Price Up Today on These Factors
New York (Feb 29) It's time to look at what's moving silver prices today and this upcoming week. The silver spot price today is up $0.19 to $14.86. This is great to see after the past week as silver gave up a little ground. Though it hasn't been a major retreat, the price of silver is off about 2% as the investment attention has been focused on gold.
With stocks and oil bouncing from their recent retreat, and the U.S. dollar doing so as well, they've weighed on silver. Still, silver is ahead about 8.5% year to date, nearly a 13% outperformance of the S&P 500, which has lost just over 4%.
Let's look at how the silver price has behaved over the past week and what drivers lie ahead.
What Moved the Silver Spot Price
After ending the previous trading week around $15.30, the silver spot price backed off at the start of last week. Silver opened in NY trading on Monday, Feb. 22, at $15.05 and climbed to close at $15.15 – below its previous week's close.
On Tuesday, silver opened at $15.18 and moved slowly higher to close at $15.26. But on Wednesday, the precious metal opened around $15.30 and then retreated to close at $15.21.
On Thursday spot silver dropped to test the $15.00 level, then bounced back a bit to close at $15.10.
However, Friday saw further weakness. The silver spot price opened at $15.10, then dropped to $14.70 by 11 a.m., only to close the trading week at $14.67.
Despite dropping below the psychologically important $15.00 level and breaching the 200-day moving average, silver has managed to stay above its 50-day moving average.