Silver Futures Market News and Commentary
Aug Comex gold (GCQ20) on Tuesday closed down -0.7 (-0.04%), and Sep silver (SIU20) closed down -0.258 (-1.30%).
Precious metals on Tuesday closed lower as a recovery in stocks curbed safe-haven demand for precious metals. Silver prices also fell back on concern the worsening of the coronavirus pandemic may prompt governments to keep lockdowns in place that will slow global economic growth and industrial metals demand. A weak dollar on Tuesday limited losses in precious metals.
Coronavirus concerns are negative for industrial metals demand and silver prices but are bullish for gold due to increased safe-haven demand. The recent surge in coronavirus infections is prompting tighter rules around the world. California said it would close all indoor dining and bars, the European Union said it would recommend keeping its borders shut to the U.S. and most other foreigners for at least two more weeks, and Hong Kong said it would limit public gatherings to a maximum of four peo... Read more