Silver Futures Market News and Commentary
Feb gold (GCG21) on Friday closed down -9.70 (-0.52%), and March silver (SIH21) closed down -0.298 (-1.15%).
Gold and silver prices on Friday posted moderate losses on strength in the dollar. Silver prices on Friday also retreated after Germany cut its GDP estimates for this year, which signals reduced industrial metals demand. Losses in gold were contained as a slide in stocks boosted the safe-haven demand for gold. Silver prices also recovered from their worst levels Friday on better-than-expected U.S. economic data.
Friday's U.S. economic data was bearish for gold but positive for industrial metals demand and silver prices. The U.S. Jan Markit manufacturing PMI unexpectedly rose +2.0 to 59.1, stronger than expectations of -0.6 to 56.5, and the fastest pace of expansion since the data series began in 2007. Also, Dec existing home sales unexpectedly rose +0.7% to 6.76 million, stronger than expectations of a decline to 6.56 million.
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