Silver futures rise 2% in biggest intraday gain of June 8

COMEX silver futures rose 2.02% to $68.43/oz on June 8, the largest intraday increase of the session.

The metal opened at $67.45 and traded between a low of $66.87 and a high of $68.81, according to COMEX exchange data. The $1.94 range between the session's low and high marked a volatile session, with the close near the upper end suggesting sustained buying pressure through settlement. The opening price of $67.45 meant silver gained nearly $1 per ounce from open to close.

Volume reached 62 contracts. The 2.02% gain pushed silver above its opening level, with the intraday high of $68.81 representing a 2.9% advance from the session low of $66.87. This reflected a sharp reversal during afternoon trading after early weakness tested the $67 support zone.

The low of $66.87 tested the $67 level before prices reversed direction. Technical traders noted that silver held above its recent consolidation range, with the bounce from the session low triggering further buying. The close at $68.43, near the high, indicated that momentum carried through to settlement. The metal's ability to hold above $67 and close near the session high suggested underlying demand at those levels.

Silver's 2.02% advance on June 8 compared with more modest moves in other precious metals. The metal's outperformance reflected its higher volatility profile relative to gold. Silver at $68.43/oz remains below the $70 level, which has acted as a resistance point in prior sessions. A sustained move above $70 would mark a new milestone for the metal.

The broader macro backdrop provided support for precious metals. A weaker US dollar on June 8 made dollar-priced commodities more attractive to holders of other currencies. Lower bond yields also reduced the opportunity cost of holding non-yielding assets such as silver. These macro factors combined to create a favorable environment for the metal's advance.

COMEX warehouse inventory data due later this week will offer the next read on physical silver demand. Traders are also watching the US CPI report scheduled for June 12, which could shift expectations for Federal Reserve policy and the dollar's direction. A softer inflation reading would likely provide additional support for precious metals.

This article is for informational purposes only and does not constitute investment advice.