Gold Futures Market News and Commentary
Dec Comex gold (GCZ20) on Friday closed down -23.60 (-1.31%), and Dec silver (SIZ20) closed down -0.809 (-3.46%).
Precious metals on Friday extended this week's slide, with gold falling to a 4-3/4 month low and silver falling to a 2-month low. Optimism that a Covid vaccine will spur an economic recovery has fueled long liquidation in precious metals this week, despite dollar weakness as the dollar index fell to a 2-3/4 month low on Friday.
Strength in stocks on Friday also reduced demand for precious metals as a safe-haven. Technical selling in gold futures may accelerate losses in gold prices as Dec COMEX gold has now fallen below its 200-day moving average.
Reduced U.S. political uncertainty is also negative for the safe-haven demand of precious metals after President Trump on Thursday said he would relinquish power if the Electoral College affirms Joe Biden's win as President of the U.S.
Precious metals prices have been on the... Read more