Gold Futures Market News and Commentary
Apr gold (GCJ21) on Friday closed down -2.20 (-0.13%), and May silver (SIK21) closed down -0.174 (-0.68%).
Gold and silver prices on Friday moved lower, with gold at a new 8-3/4 month low and silver at a new 5-week low. Precious metals on Friday fell for the third day on dollar strength and rising T-note yields. The dollar index on Friday rallied to a 3-1/4 month high, and the 10-year T-note yield climbed to a new 1-year high of 1.624%. Losses in silver prices were limited by Friday's better-than-expected U.S. payroll report.
Friday's global economic data was bearish for gold but supportive for industrial metals demand and silver prices. U.S. Feb nonfarm payrolls rose +379,000, stronger than expectations of +200,000 and the biggest increase in 4 months. Also, the U.S. Feb unemployment rate unexpectedly fell -0.1 to an 11-month low of 6.2%, showing a stronger labor market than expectations of unchanged at 6.3%. In addition, German Jan factory orders r... Read more