Silver eyes largest weekly gain in 2 months on safe-haven demand

Silver prices rose in European trade Friday, to resume gains after pausing yesterday on profit-taking from a 10-month high, on the cusp of the largest weekly gain in two months on strong safe-haven demand.

Silver prices rose 0.75% to $18.77, an ounce, after opening at $18.63, with a session-low of $18.48.

The white metal fell 0.3% yesterday, on profit-taking from the highest level in ten months of $19.03.

Silver prices have gained 4% so far during this week, to head for the fifth straight weekly gain, and the largest since May, on strong safe-haven demand, amid the growing risks in global markets.

Chief among these risks are the spike in coronavirus infections in the US, which is expected to delay the US economy's recovery from the coronavirus pandemic damages, in addition to the gloomy outlook for most major economies, especially in the euro area.

Silver was also lifted by hopes for improved Chinese actual demand, after the release of successive strong economic data in Beijing, which reflect the Chinese economy quick recovery from the coronavirus crisis.