Gold Futures Market News and Commentary
Jun Comex gold (GCM20) on Tuesday closed down -13.4 (-0.79%), and May silver (SIK20) closed up +0.311 (+2.05%).
Precious metals prices on Tuesday settled mixed with silver at a 3-week high. Jun gold fell back from a contract high and the nearest-futures April 2020 contract retreated from a 7-1/4 year high in overnight trade as stocks rallied sharply on hopes the spread of the coronavirus may soon peak. Silver prices rallied on a weaker dollar and on hopes the economy will soon be restarted after being in a partial shutdown, which should boost industrial metals demand. Italy, France and Germany today announced lower numbers of new coronavirus cases, and China reported no new deaths for the first time since the pandemic emerged, although Spain did report an uptick in deaths.
Another negative for gold is an easing of the physical supply of gold after three major gold refining plants in Switzerland, Europe's biggest gold refining hub, have reopened on a limited basis after... Read more