Investing.com - Silver futures edged higher on Thursday, after data showed that inflation in China accelerated at a faster rate than expected last month. On the Comex division of the New York Mercantile Exchange, silver futures for July delivery traded at USD24.00 a troy ounce during European morning trade, up 0.3% on the day. Comex silver prices held in a range between USD23.78 a troy ounce, the daily low and a session high of USD24.15 a troy ounce. Silver prices were likely to find support at USD23.40 a troy ounce, the low from May 2 and near-term resistance at USD24.41, Monday’s high. Official data released earlier showed that consumer prices in China rose 2.4% in April from a year earlier, above expectations for a 2.3% increase and accelerating from a 2.1% rate of increase in March. Silver, like gold, is considered a hedge against inflation risk and prices tend to keep in step with consumer price increases. But gains were limited as investors remained hesitant to return to the market amid a bearish technical outlook. Elsewhere on the Comex, gold for June delivery shed 0.3% to trade at USD1,469.45 a troy ounce, while copper for July delivery dropped 0.7% to trade at USD3.347 a pound. Copper prices came under pressure as the faster-than-expected increase in China’s inflation rate dampened hopes policy makers in Beijing could introduce fresh easing measures to boost economic growth in the world’s largest copper consumer.

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