Silver Futures Market News and Commentary
Jun Comex gold (GCM20) on Friday closed up +23.6 (+1.38%), and July silver (SIN20) closed up +0.532 (+2.96%).
Precious metals prices on Friday moved higher with silver at a 3-month high. A slump in the dollar index to a 2-1/2 month low Friday was bullish for metals, as was increased safe-haven demand from the escalation of U.S./China tensions. Weak U.S. economic data on Friday was positive for gold but negative for industrial metals.
Metals rallied Friday on escalation of U.S./China tensions after White House advisor Larry Kudlow said Friday that the U.S. is "furious" with what China has done "in recent days, weeks, and months" and said President Trump would present ideas at a press conference later Friday of how to hold China accountable.
Friday's U.S. economic data was dovish for Fed policy and bullish for gold, but negative for industrial metals demand and silver prices. U.S. Apr personal spending fell by a record -13.6% m/m (data from 1959), weaker than expe... Read more