Silver futures drop 2.45% in biggest intraday decline of July 5

Silver futures fell as much as 2.45% to $61.38 per ounce on July 5, the largest intraday decline of the session for the precious metal.

The intraday low came after the metal opened at $62.92 and reached a high of $63.44 before the selloff, according to COMEX trading data. The $2.06 trading range between the session high and low was the widest of the day, representing a 3.25% swing from peak to trough.

Volume totaled 14,796 contracts. Silver recovered to close at $63.42, down 0.79% from the open but $2.04 above the session low of $61.38. The close near the session high suggested buyers absorbed selling pressure during the latter part of the trading day, narrowing the decline from its worst levels. The recovery from the low represented a gain of 3.32% from the trough to the close.

The $61.38 level represents a key support test for silver futures. A break below that level in the next session could open the door to further downside, while a hold above it may signal the selloff was an intraday anomaly. Traders will watch the next session for signs of follow-through selling or a bounce from the intraday trough.

Silver's price action on July 5 comes as the metal navigates a period of heightened intraday volatility. The recovery from the $61.38 low to close above $63 suggests the selloff may have been driven by positioning rather than a fundamental shift in supply-demand dynamics. The close at $63.42, near the session high of $63.44, indicates buying interest emerged at lower levels.

The next catalyst for silver prices will be upcoming US economic data releases that could influence the dollar and interest rate expectations, which directly affect precious metals demand.

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