Silver Futures Market News and Commentary
Apr Comex gold (GCJ20) on Friday closed down -26.2 (-1.59%), and May silver (SIK20) closed down -0.142 (-0.97%).
Precious metals prices on Friday closed lower. Gold fell back as physical demand concerns eased and as silver fell on concern that industrial metals demand will suffer as the coronavirus pandemic continues to spread.
Gold prices on Friday fell back on reduced concerns about the availability of physical gold supplies after the London Bullion Market Association said gold suppliers are in talks to use chartered or cargo flights to transport gold to different delivery points across the globe. Gold prices earlier this week saw strength on tightness in the physical gold market. NY Comex gold futures on Tuesday jumped to the highest premium since 1980 against London gold due to tightness of gold in the physical market. Switzerland's gold refining industry, a major hub for processing gold into bars and coins, has largely shut down because of the coronavirus pandemic... Read more