Gold Futures Market News and Commentary
Dec Comex gold (GCZ19) this morning is down -3.7 (-0.25%), and Dec silver (SIZ19) is down -0.063 (-0.37%).
Precious metals retreated from a 1-1/2 week high in overnight trade and moved lower as a stronger dollar sparked long liquidation in metals. Increased trade tensions between the U.S. and China had pushed Dec gold and Dec silver up to a 1-1/2 week highs.
A recovery in stock prices also pressured precious metals as a rally in retailer stocks lifted U.S. stock indexes from their worst levels. Retailer stocks rose as Target jumped 8% and Lowe's rose 6% after both stocks raised their full-year adjusted EPS estimates.
Precious metals prices rallied in overnight trade to 1-1/2 week highs after the U.S. Senate late Tuesday night passed legislation supporting Hong Kong protesters and warned China against a violent suppression of the demonstrations. China responded by threatening unspecified retaliation if the bill becomes law. Precious metals rallied on increased sa... Read more