Silver Futures Market News and Commentary
Dec Comex gold (GCZ20) on Tuesday closed up +20.9 (+1.11%), and Dec silver (SIZ20) closed up +0.841 (+2.21%).
Precious metals prices on Tuesday moved higher on a weak dollar and a slide in stocks. Better-than-expected U.S. economic data today was positive for industrial metals demand and silver prices. Also, dovish Fed comments today were supportive of gold demand as a store of value.
U.S. stock indexes on Tuesday retreated and gave precious metals a boost. Stocks moved lower on concern U.S. lawmakers will be unable to pass a new stimulus bill ahead of the November 3 election. House Democrats on Monday night released a new scaled-back $2.2 trillion Covid relief package proposal. House Speaker Pelosi and Treasury Secretary Mnuchin discussed the package Tuesday and said they would speak again on Wednesday. A deal still seems unlikely without further compromise as President Trump indicated he could support only as much as $1.5 trillion in additional aid.
Tuesday's... Read more