Silver Micro Futures Market News and Commentary
Feb Comex gold (GCG20) on Friday closed up +8.9 (+0.60%), and Mar silver (SIH20) closed up +0.063 (+0.37%).
Precious metals prices on Friday settled higher on dollar weakness along with weaker-than-expected global economic data, which was dovish for global central bank policies and supportive for precious metals prices.
Gold prices fell back from their best levels after the S&P 500 climbed to a new record high Friday when the U.S. and China agreed on a trade deal, which undercut the safe-haven demand for precious metals.
Friday's global economic data was mostly weaker than expected. Nov U.S. retail sales rose by only +0.2% and +0.1% ex-autos, weaker than expectations of +0.5% and +0.4% ex-autos. Also, the German Nov wholesale price index fell by -2.5% y/y, the steepest pace of decline in 3-1/2 years. Finally, the Japan Q4 Tankan large manufacturing business conditions index fell by -5 points to a 6-3/4 year low of zero, weaker than expectations of -2 to 3.<... Read more