Silver Steady After Profit-Taking Brings End to Eight-Day Rally

(Bloomberg) — Silver steadied, after retreating from an all-time high earlier in the week as traders took profits from a rally that’s seen as overheated. Gold was little changed.

The white metal was trading at around $57.05 an ounce, having fallen more than 2% in the previous session to snap an eight-day winning streak. The pullback on Thursday moved silver out of overbought territory after its rapid advance to nearly $59 on Wednesday.

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The metal’s rally has been supported by rising expectations the Federal Reserve will lower interest rates at its meeting next week. Swap contracts indicate a near-certainty the Fed will reduce the cost of borrowing – a benefit for non-yielding precious metals. These bets withstood the latest US employment data, which showed jobless claims fell to a three-year low.

Silver edged down 0.2% to $57.0225 an ounce as of 7:45 a.m. Singapore time. Gold was steady at $4,205.13, while platinum and palladium were also little changed. The Bloomberg Dollar Spot Index rose 0.1% in the previous session.

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