The dollar recovered a bit overnight, and this sent gold and silver lower for the first time in two sessions and have given up a good portion of their gains for the week.

The news that China's industrial output grew at only 5.3% for January and February, the lowest gain in 17 years, lent support to the dollar.

Also, the latest vote in the UK Parliament rejecting a "hard Brexit" appeared to buy more time for an exit, which soothed safe-haven concerns. Parliament is expected to vote on a three-month delay later today.

Lackluster US economic data had supported the precious metals this week, as it reinforced the idea that Federal Reserve will be patient with their monetary policy. On Wednesday, US February PPI came in weaker than expected, up 0.1% versus expectations of +0.2%. The year-over-year rate was up 1.9%, the smallest annual increase since June 2017. This followed similarly tepid CPI data on Tuesday.

The next FOMC meeting is coming up on March 19-20, and the trade seems to be expecting a bearish announcement.

Coeur Mining has sent workers home from their Wharf mine in South Dakota for a couple of days due to the snowstorm in the region.

We invite you to subscribe to receive our more comprehensive market update delivered directly to your inbox.


Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Financial Services LLC, unless otherwise expressly noted.