Gold Futures Market News and Commentary
Feb gold (GCG21) on Friday closed down -21.50 (-1.16%), and March silver (SIH21) closed down -0.936 (-3.63%).
Gold and silver prices on Friday closed moderately lower. A rally in the dollar index to a 3-1/2 week high Friday sparked long liquidation in metals. Also, doubts that Congress will pass president-elect Biden's $1.9 trillion stimulus plan in its entirety weighed on precious metals. Silver prices extended their losses on Friday's weaker-than-expected U.S. economic data.
The realization that the Biden administration's $1.9 trillion pandemic relief package may not pass in its current form weighed on precious metals prices Friday. Markets are concerned that Biden's proposals could be watered down by Congressional opposition and that the final version of the stimulus may be well below the initial $1.9 trillion figure.
Friday's U.S. economic data was mostly weaker than expected, which was supportive of gold but bearish for industrial me... Read more