Silver Micro Futures Market News and Commentary
Dec Comex gold (GCZ20) on Thursday closed up +8.5 (+0.45%), and Dec silver (SIZ20) closed up +0.091 (+0.39%).
Precious metals prices on Thursday recovered from 2-month lows and settled higher as the dollar retreated on a rally in stocks. Gold and silver prices initially opened lower Thursday after the dollar index climbed to a 2-month high. Gold prices were also under pressure early Thursday as a decline in inflation expectations reduced the demand for gold as an inflation hedge.
Thursday's U.S. economic data was mixed for precious metals. In a bullish factor for gold, Thursday's U.S. weekly initial unemployment claims report unexpectedly rose +4,000 to 870,000, showing a weaker labor market than expectations for a decline to 840,000. Conversely, in a bearish factor for gold but a bullish factor for industrial metals demand and silver prices, Thursday's U.S. Aug new home sales report showed a +4.8% m/m increase to a 14-year high of 1.011 million, which was stronger tha... Read more