Metals Futures Prices
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Futures Market News and Commentary
Aug Comex gold (GCQ20) in Friday closed down -1.9 (-0.11%) and Sep silver (SIU20) closed up +0.091 (+0.48%).
Precious metals prices on Friday settled mixed. A rebound in stock prices undercut the safe-haven demand for precious metals and prompted long liquidation in gold. Silver prices, however, moved higher on a weak dollar and strong European economic data that was positive for industrial metals demand.
The dollar on Friday gave up overnight gains and moved lower, which provided support for precious metals prices. The dollar retreated on reduced liquidity-demand after Gilead Sciences announced on Friday that its Remdesivir drug to treat the coronavirus showed a 62% cut in mortality risk for patients taking the drug. Coronavirus concerns are negative for industrial metals demand and silver prices but are bullish for gold due to increased safe-haven demand. The U.S. reported a record of 61,791 new coronavirus infections on Thursday. Florida, Texas, and California all... Read more