Silver Futures Market News and Commentary
Feb Comex gold (GCG20) on Friday closed up +6.5 (+0.42%), and Mar silver (SIH20) closed up +0.284 (+1.59%).
Precious metals settled higher Friday on increased safe-haven demand due to the slump in stocks and the concern about the China virus. Markets remain concerned about the virus, as hundreds of millions of Chinese travel across the country and globally for the week-long New Year holidays that began Friday. Silver prices found some support on strong manufacturing reports, which were positive for industrial metals demand.
A bullish factor for gold is lower global government bond yields that boost demand for gold as a store of value. The 10-year T-note yield tumbled to a 2-1/2 month low Friday of 1.668%. The 10-year German bund yield dropped to a 1-1/2 month low Friday of -0.337% after ECB Governing Council member Rehn said Eurozone inflation expectations have "become stuck" on a low level. Also, the Japan 10-year JGB yield fell to a 2-1/2 week low Friday of -0.026% a... Read more