Silver futures gap down 2% to $75.15 as metals selloff deepens

Silver futures opened with a 2.05% gap decline to $75.15 an ounce on June 2, recovering to close at $76.72, according to exchange data.

The session recorded a low of $74.77 and a high of $77.24, with volume reaching 6,221 contracts, exchange data shows. The close at $76.72 erased the opening gap, bringing prices back to the prior session's closing level. The intraday range of $2.47 reflected elevated volatility, with the low testing the $75 psychological support level.

Gold, silver's primary peer, also faced pressure as the dollar strengthened during the session. Silver's recovery from its session low suggests buyers defended the $75 zone, a level that has historically attracted physical demand. The gap-down opening occurred amid a broader precious metals selloff as traders adjusted positions ahead of key economic data.

Silver at $76.72 remains below its recent trading range, with headwinds from a stronger dollar and higher real yields weighing on the metal. The recovery to close at the opening gap's starting point indicates selling pressure was absorbed during the session, a pattern that typically signals short-term support near the intraday low. Compared to gold, silver's wider intraday range reflects its higher beta, with the white metal amplifying directional moves.

The next catalyst for silver will be the US jobs report later this week, which could shift expectations for the Federal Reserve's rate path. A weaker print would likely boost precious metals by weakening the dollar, while a strong report could push silver back toward the $75 level. COMEX inventory data will also provide signals on physical demand trends.

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