Gold Futures Market News and Commentary
Jun Comex gold (GCM20) on Monday closed up +48.2 (+2.93%), and May silver (SIK20) closed up +0.675 (+4.66%).
Precious metals prices on Monday pushed higher with gold at a 4-week high and silver at a 3-week high. Gold rose on expectations for additional global central bank stimulus, which supports demand for gold as a store of value. Silver also gained on signs the coronavirus pandemic may be peaking in hot spots, which may boost demand for industrial metals as global economic activity revives.
Fund buying of gold is unrelenting as long positions in gold ETFs rose for a tenth consecutive session last Friday to a record 2,837.75 MT, the highest since the data series began in 2002. The global coronavirus pandemic has fueled physical demand for gold since 142,000 ounces of American Eagle coins were purchased in March, the most in 3 years.
Gold prices gained Monday as countries boost monetary stimulus measures to combat the coronavirus pandemic. German Finance Minist... Read more