Gold Futures Market News and Commentary
Apr gold (GCJ21) on Friday closed down -46.60 (-2.62%), and March silver (SIH21) closed down -1.235 (-4.47%).
Gold and silver prices on Friday sold off sharply, with gold falling to an 8-1/4 month low. A rally in the dollar index to a 1-week high Friday undercut precious metals prices. The decline in gold accelerated on stop-loss selling when prices fell below $1,750 an ounce. Fund liquidation of gold continues after long gold positions in ETFs slumped to a 7-1/2 month low Thursday. Friday's mostly better-than-expected global economic data also weighed on gold prices but was supportive for silver.
Rising global government bond yields are bearish for gold, which may prompt investors to move out of non-interest-paying gold and into government bonds. The 10-year UK gilt yield rose to a new 11-month high Friday of 0.856%. Also, the 10-year German bund yield climbed to an 11-month high Friday of -0.202% before falling back. In addition, the Japan 10-yea... Read more