Silver Micro Futures Market News and Commentary
Dec Comex gold (GCZ20) on Wednesday closed up +0.90 (+0.05%), and Dec silver (SIZ20) closed up +0.062 (+0.27%).
Precious metals on Wednesday settled modestly higher after the dollar index fell to a 2-3/4 month low. In another supportive factor, increased pandemic restrictions in many countries will curb economic growth and keep global central banks accommodative.
U.S. stock indexes on Wednesday traded mostly lower, which fueled some safe-haven buying of precious metals. Also, an increase in inflation expectations is positive for gold demand as an inflation hedge after the 10-year breakeven inflation expectations rate on Wednesday rose to a 2-week high of 1.765%.
Precious metals prices have been on the defensive since Monday on signs of progress on a Covid vaccine and a treatment for the virus, which is curbing safe-haven demand for precious metals. Moncef Saoui, head of the U.S. Operation Warp Speed, said on Sunday that U.S. Covid vaccinat... Read more