Silver futures gap 2.01% higher as precious metals extend rally

Silver futures opened with a 2.01% gap to $59.71 per ounce on COMEX on July 12, extending the precious metal's recent advance.

The opening gap marked the largest intraday jump for the front-month contract in the past two weeks, according to COMEX exchange data.

The session high reached $59.79 before prices pulled back to a low of $58.40. Silver settled at $58.53, trimming most of the gap gain. Volume totaled 6,124 contracts traded on the day.

The gap higher comes as silver tests resistance near the $60 level, a threshold not breached since the prior quarter. Traders are watching upcoming US economic data for the next directional catalyst.

Silver's move follows a broader rally in precious metals, with gold also trading near recent highs. The gap opening suggests strong buying interest at the bell, though the intraday pullback to $58.53 indicates profit-taking emerged during the session.

The 6,124 contracts traded compares to recent daily averages, reflecting elevated participation during the gap session. Silver's ability to hold above $58 will be key for bulls looking to challenge the $60 resistance zone in the sessions ahead.

This article is for informational purposes only and does not constitute investment advice.