Silver Futures Market News and Commentary
Feb Comex gold (GCG20) on Friday closed up +9.8 (+0.63%), and Mar silver (SIH20) closed up +0.134 (+0.75%).
Precious metals moved higher Friday with Mar silver at a 1-week high. Gold prices found support on weak UK data that increases the chances for a rate cut by the BOE while silver rose on improved industrial metals demand prospects due to stronger-than-expected U.S. and China economic data.
The 10-year UK gilt yield dropped to 3-month low Friday of 0.609% after weak retail sales data boosted the outlook for a BOE interest rate cut, which is bullish for gold demand as a store of value. Friday's data showed UK Dec retail sales ex auto fuel unexpectedly fell -0.8% m/m, weaker than expectations of +0.8% m/m and matched Nov as the largest decline in a year.
Strength in Chinese and U.S. data on Friday is positive for industrial metals demand and bullish for silver prices after China Dec industrial production rose +6.9% y/y, stronger than expectations of +5.9% y/y... Read more