Gold Futures Market News and Commentary
Feb Comex gold (GCG20) this morning is down -0.4 (-0.03%), and Mar silver (SIH20) is up +0.087 (+0.49%).
Metals prices are seeing support today from a weaker dollar but precious metals are being undercut by reduced safe-haven demand from a rally in stocks and easing concerns about the China virus.
Global stocks recovered from Tuesday's losses as concern about the spread of the deadly coronavirus in China has eased. Mar E-mini S&Ps jumped to a new record nearest-futures high today after Chinese President Xi Jinping on Monday ordered an "all-out prevention and control efforts" to stop the spread of the virus and the China Health Commission today said they will start nationwide screening for the virus. Markets retreated Tuesday on concern that the virus may spread further as hundreds of millions of Chinese prepare to travel across the country and globally for the New Year holidays that begin this Friday.
Gold prices found support today on increased political risks... Read more