Gold Futures Market News and Commentary
Apr gold (GCJ21) on Monday closed down -5.80 (-0.34%), and May silver (SIK21) closed up +0.238 (+0.90%).
Gold and silver prices on Monday settled mixed. Gold prices fell back after the dollar index on Monday climbed to a 3-week high. Also, stocks rose sharply, which curbed the safe-haven appeal of gold. Silver prices garnered support Monday from strength in global manufacturing activity, which is positive for industrial metals demand.
Monday's global manufacturing data was mostly negative for gold but positive for industrial metals demand and silver prices. The U.S. Feb ISM manufacturing index rose +2.1 to 60.8, stronger than expectations of +0.2 to 58.9 and the fastest pace of expansion in 3 years. Also, the Eurozone Feb Markit manufacturing PMI was revised upward to 59.9 from the previously reported 57.7, the fastest pace of expansion in 3 years. In addition, the Japan Feb Jibun Bank manufacturing PMI was revised upward to 51.4 from the previously... Read more