Silver Futures Market News and Commentary
Aug Comex gold (GCQ20) on Wednesday closed up +10.7 (+0.59%), and Sep silver (SIU20) closed up +0.462 (+2.47%).
Precious metals prices on Wednesday posted moderate gains with gold at a fresh 8-3/4 year high and silver at a 10-month high. A slump in the dollar index to a 2-week low Wednesday fueled a rally in precious metals. Also, metals have support from the ongoing coronavirus pandemic that is slowing reopening of world economies may also spur central banks to expand their stimulus measures.
Coronavirus concerns are driving safe-haven demand for precious metals. Confirmed cases of the virus have risen above 11.98 million globally, with deaths exceeding 547,000.
Lower global bond yields are also positive for gold demand as a store of value as the 10-year German bund yield on Wednesday fell to a 1-week low of -0.456%, and the 10-year Japanese JGB bond yields dropped to a 1-week low of 0.021%.
Comments on Wednesday from Atlanta Fed President Bostic were bu... Read more