Gold Futures Market News and Commentary
Dec Comex gold (GCZ19) on Wednesday closed down -0.1 (-0.01%), and Dec silver (SIZ19) closed down -0.003 (-0.02%).
Precious metals retreated from 1-1/2 week highs Wednesday and settled little changed as a stronger dollar sparked long liquidation in metals. Increased trade tensions between the U.S. and China led to a sell off in stocks that pushed Dec gold and Dec silver up to a 1-1/2 week highs.
Precious metals prices rallied to 1-1/2 week highs early Wednesday after the U.S. Senate late Tuesday night passed legislation supporting Hong Kong protesters and warned China against a violent suppression of the demonstrations. China responded by threatening unspecified retaliation if the bill becomes law. Precious metals rallied on increased safe-haven demand on concern that the ongoing trade talks could be threatened because of the Senate bill.
Another positive for gold prices was Wednesday's comment from ECB Vice President Guindos that the ECB will not hit the limits... Read more