Gold Futures Market News and Commentary
Aug Comex gold (GCQ20) this morning is up +0.1 (+0.01%), and July silver (SIN20) is up +0.241 (+1.30%).
Precious metals prices this morning are stronger with silver at a 3-1/4 month high. A slump in the dollar index to a new 2-1/2 month low today is bullish for metals, as is an increase in U.S./China tensions. Also, the outlook for additional government and central bank stimulus is supportive for metals prices.
Ramped-up U.S./China tensions fueled safe-haven demand for precious metals today after Bloomberg reported that Chinese government officials told state-run agricultural companies to pause their purchases of U.S. farm products, which could jeopardize the U.S./China phase-one trade deal. The halt in Chinese imports of U.S. farm goods comes after President Trump last Friday said the U.S. would begin the process of taking away some of Hong Kong's privileged trade status due to China's new Hong Kong security law.
Today's U.S. economic data was dovish for Fed po... Read more