Gold Apr '20 (GCJ20)
Gold Futures Market News and Commentary
Aug Comex gold (GCQ20) on Friday closed down -44.4 (-2.57%), and July silver (SIN20) closed down -0.582 (-3.22%).
Precious metals on Friday sold off with gold at a 1-1/2 month low and silver at a 1-week low. Unexpected strength in Friday's U.S. May payroll report sparked a sharp rally in stocks that led to long liquidation of precious metals.
Friday's U.S. labor market data was negative for safe-haven demand for precious metals after May non-farm payrolls unexpectedly rose +2.509 million, showing a much stronger labor market than expectations for a decline of -7.5 million. The May unemployment rate unexpectedly fell -1.4 to 13.3%, showing a stronger labor market than expectations for an increase to 19.0%.
Friday's global economic data was mostly weaker-than-expected, which was bullish for gold but negative for industrial metals demand and silver prices. German Apr factory orders fell -25.8% m/m, weaker than expectations of -19.9% m/m and the largest decline sinc... Read more
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