Silver Rises to $20.93 on Falling European Equities

This morning, silver rose 0.2 percent, or $0.04, to trade at $20.93 an ounce, according to Reuters. European shares are lower, and that has lent some strength to precious metals prices.

Precious metals investors are looking at US retail sales data for June, which is helpful in predicting second-quarter growth; they are also awaiting US Federal Reserve Chair Janet Yellen’s testimony to Congress later today for signs regarding when the Fed may begin increasing interest rates. Higher rates could compel investors to switch to assets that pay interest, unlike precious metals.