Silver Rises to $19.44 an Ounce on Poor Equity Performance

This morning, silver rose 0.3 percent, or $0.06, to trade at $19.44 an ounce, according to Reuters. Though recent US housing data beat investor expectations and hurt the appeal of precious metals yesterday, today’s equity and dollar performance was disappointing, boosting the appeal of precious metals as a safe-haven investment.

“Our base scenario for a U.S. dollar-supportive spring bounce in U.S. data remains on track, with April Richmond Fed surprising to the upside … and the decline in March existing home sales being smaller than expected,” Reuters quotes BNP Paribas SA (EPA:BNP) as saying in a note.