Gold Feb '20 (GCG20)
Gold Futures Market News and Commentary
Feb Comex gold (GCG20) on Thursday closed up +2.9 (+0.20%), and Mar silver (SIH20) closed up +0.143 (+0.85%).
Precious metals gained Thursday after the dollar index dropped to a 1-month low and after the release of weak European economic data that was dovish for ECB policy. Eurozone Oct retail sales fell -0.6% m/m, weaker than expectations of -0.5% m/m and the biggest decline in 10 months. Also, German Oct factory orders unexpectedly fell -0.4% m/m, weaker than expectations of +0.4% m/m.
Precious metals prices were held back on Thursday by a slight reduction in trade tensions after China's Ministry of Commerce said that Chinese trade officials are in "close contact" with their U.S. counterparts on trade negotiations.
An easing of Brexit concerns was also negative for safe-haven demand of precious metals as GDP/USD jumped to a new 6-3/4 month high Thursday. GBP/USD gained on the polling forecast for UK Prime Minister Johnson's Conservative Party to win a majority... Read more
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