Gold Futures Market News and Commentary
Apr Comex gold (GCJ20) this morning is up +5.4 (+0.34%), and Mar silver (SIH20) is up +0.141 (+0.80%).
Precious metals are stronger this morning with gold prices at a 1-1/2 week high on a weak dollar along with concern the spread of the China coronavirus will prompt the world's central banks will boost stimulus measures. The outbreak now shows 63,851 confirmed cases of the coronavirus with 1,3807 deaths.
European economic data today was bullish for gold but negative for silver after Eurozone Q4 GDP rose +0.9% y/y, weaker than expectations of +1.0% y/y and the slowest year-on-year pace of growth in 6 years.
Today's comments from ECB Governing Council member Vasle suggest additional ECB stimulus is possible, which is bullish for gold as a store of value when he said: "I believe the ECB has not exhausted its instruments yet and there is still space to use existing instruments and to expand them further."
The action by U.K. Prime Minister Johnson to fire five... Read more