Gold Futures Market News and Commentary
Aug Comex gold (GCQ19) this morning is up +0.1 (+0.01%) and Sep silver (SIU19) is up +0.112 (+0.71%) at a 3-3/4 month high. Dollar weakness today is fueling gains in precious metals with Sep silver at a 3-3/4 month high. Fund buying of silver accelerated on Tuesday as today's data show that long silver positions in ETFs rose to a 1-3/4 year high on Tuesday. Concern about a no-deal Brexit is boosting safe-haven demand for gold after GBP/USD slid to a new 2-1/4 year low today. Gains in gold were limited, however, after the Eurozone June CPI was revised upward today to 1.3% y/y from the previously reported 1.2% y/y, which is hawkish for ECB policy. Silver prices fell back from their best levels after today's data showed U.S. June housing starts fell -0.9% to 1.253 million, slightly weaker than expectations of -0.7% to 1.260 million and after June building permits unexpectedly fell -6.1% to a 2-year low of 1.220 million, weaker than expectations of +0.1% to 1.300 million. Ongoing trade and geopolitical tensions, along with last week's dovish comments from Fed Chair Powell, have sparked fund buying of precious metals as long gold positions in ETFs rose to a 6-year high last Friday.