Gold Futures Market News and Commentary
Aug Comex gold (GCQ20) on Monday closed up +3.5 (+0.20%), and Sep silver (SIU20) closed up +0.260 (+1.42%).
Precious metals prices on Monday settled higher on a weak dollar and on concern that the acceleration of coronavirus infections will force states to maintain at least partial lockdowns. However, a sharp rally in stocks on Monday undercut safe-haven demand for precious metals and took gold prices off of their best levels.
Coronavirus concerns are driving safe-haven demand for precious metals. The U.S. reported that new coronavirus infections on Sunday rose +2% from Saturday to a record 56,000. Confirmed cases of the virus have risen above 11.586 million globally, with deaths exceeding 537,000.
Monday's U.S. economic data was bearish for gold but positive for industrial metals demand and silver prices. The June ISM non-manufacturing index jumped +11.7 to a 4-month high of 57.1, stronger than expectations of +4.8 to 50.2.
European economic data on Mond... Read more