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Metals Futures Prices

Mon, Jan 27th, 2020
[[ timeframe ]] futures price quotes as of Mon, Jan 27th, 2020.
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Futures Market News and Commentary

Precious Metals Prices Rally to 2-1/2 Week Highs on Spreading Chinese Coronavirus

Feb Comex gold (GCG20) this morning is up +8.1 (+0.52%), and Mar silver (SIH20) is up +0.092 (+0.51%).

Precious metals rallied to 2-1/2 week highs this morning on ramped up safe-haven demand due to the sell-off in global stock markets on concern about the spreading Chinese coronavirus. A plunge in global government bond yields today is also boosting the demand for gold as a store of value.

Global equity markets are sharply lower today, which is also fueling heavy safe-haven demand for precious metals. Stocks sold off on concern that the spreading China coronavirus will undercut global economic growth. On Sunday, China announced an extension of its Lunar New Year holiday until Feb 2 from Jan 30 to help battle the spread of the virus. The latest data show 2,744 confirmed cases of the virus and at least 80 deaths. Mainland China accounts for 98% of the global infections, but the virus has spread to more than 12 other countries.

Another supportive factor for gold is... Read more

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