Silver Futures Market News and Commentary
Apr gold (GCJ21) on Monday closed down -20.50 (-1.21%), and May silver (SIK21) closed down -0.018 (-0.07%).
Gold and silver prices on Monday closed lower, with gold at a 9-month low. A rally in the dollar index on Monday to a 3-1/2 month high weighed on precious metals. Also, higher T-note yields and stronger stocks are undercutting precious metals prices. Losses in silver were contained by stronger Chinese trade data, which was positive for industrial metals demand.
The 10-year T-note yield on Monday rose to 1.612%, just below last Friday's 1-year high of 1.624%. Higher yields are bearish for gold prices since the higher yields may prompt investors to move out of long gold positions and into government debt.
Stronger-than-expected Chinese trade data is positive for economic growth and is supportive of industrial metals demand and silver prices. China Feb exports year-to-date rose +60.6% y/y, stronger than expectations of +40.0% y/y. A... Read more