Silver Futures Market News and Commentary
Dec Comex gold (GCZ19) on Tuesday closed down -3.4 (-0.23%), and Dec silver (SIZ19) closed down -0.110 (-0.65%).
Precious metals retreated Tuesday as Dec gold and Dec silver fell to 3-month nearest-futures lows on a rally in the dollar and on reduced safe-haven demand with Tuesday's rally in the global stock markets.
Positive trade news on Tuesday lifted global equity markets and undercut precious metals prices. A Bloomberg report on Tuesday said the U.S. may delay a decision for another 6 months on whether to impose tariffs on European automakers after Volkswagen and Daimler said they will shift parts of their global production to suppliers in the U.S.
Fund liquidation of gold continues and is undercutting gold prices as long gold positions in ETFs dropped to a 1-month low Monday.
Tuesday's European economic data was positive for economic growth prospects and negative for gold demand as a store of wealth after the German Nov ZEW expectations of economic... Read more