Silver Futures Market News and Commentary
Jun Comex gold (GCM20) on Friday closed up +8.0 (+0.49%), and May silver (SIK20) closed down -0.160 (-1.09%).
Precious metals prices on Friday settled mixed. Gold gained on expectations for additional global central bank stimulus, which is bullish for gold demand as a store of value, after weaker-than-expected economic data. Silver fell on a rally in the dollar index to a 1-week high and on weaker-than-expected economic data that was negative for industrial metals demand.
Friday's U.S. payroll report was bullish for gold but bearish for industrial metals prices. U.S. Mar non-farm payrolls fell sharply by -701,000, weaker than expectations of -100,000 and the biggest decline in 11 years. The Mar unemployment rate rose by +0.9 points to a 3-year high of 4.4%, showing a weaker labor market than expectations of +0.3 to 3.8%.
In a supportive factor for industrial metals prices, the U.S. Mar ISM non-manufacturing index fell by only -4.8 to 52.5, stronger than expectat... Read more