Gold Futures Market News and Commentary
Apr Comex gold (GCJ20) on Monday closed up +27.8 (+1.69%), and Mar silver (SIH20) closed up +0.346 (+1.87%).
Precious metals settled sharply higher Monday with gold at a new 7-year high and silver at a 1-1/2 month high as equity markets around the world sank on the spread of the coronavirus and sparked safe-haven buying for precious metals. The widening of the coronavirus endemic will slow the global economy and may force the world's central banks to boost stimulus measures, which would be bullish for precious metals. Confirmed cases of the virus are now reported at 79,440 in more than 30 countries and have caused 2,624 deaths.
G-20 finance ministers met over the weekend in Saudi Arabia and warned that they see downside risks to global growth persisting as the coronavirus raises economic uncertainty and disrupts supply chains.
A plunge in global government bond yields also sparked demand for gold as a store of value. The 10-year T-note yield on Monday sank to a... Read more