Silver Amount Drop Below $18.00, Approaching Last Week’s Slide

Silver Amount Drop Below $18.00, Approaching Last Week’s Slide

Silver declined on Monday, extending last week’s slide as a stronger dollar weighed on precious metals.May silver futures fell 27 cents, or 1.5%, to $17.88 a troy ounce at 7:37 a.m. ET. Prices fluctuated within a daily range of $17.86 and $18.03.The grey metal declined 0.6% last week, snapping four consecutive weekly gains.Gold prices also fell on Monday, with the June contract sliding $5.40, or 0.4%, to $1,251.90 a troy ounce.The U.S. dollar index rose to more than three-week highs against a basket of other major currencies. The dollar index edged up 0.1% to 101.25. The index has gained more than 2% since March 27.The greenback rose last week despite a much weaker than expected nonfarm payrolls report. U.S. employers added 98,000 workers to payrolls last month, the fewest since May and well below forecasts calling for 178,000.The report wasn’t entirely negative, as unemployment fell to 4.5% – the lowest since 2007.
Analysts expect hiring to pick up at a quicker pace in April as weather-related disturbances clear.The official nonfarm payrolls report diverged sharply from ADP data last Wednesday, which showed the creation of 263,000 private sector jobs in March.In monetary policy, Federal Reserve Chairwoman Janet Yellen will join a discussion on public policy Monday afternoon that will be closely watched by the financial markets.The economic calendar picks up later this week with global trade and inflation data. On Friday, the U.S. Labor Department will report on March consumer inflation. Meanwhile, the Commerce Department will release its monthly retail sales figures, an important proxy of consumer spending.