Silver Futures Market News and Commentary
Aug Comex gold (GCQ20) on Tuesday closed down -16.3 (-0.93%), and July silver (SIN20) closed down -0.567 (-3.01%).
Precious metals prices on Tuesday closed lower. A rally in stocks on Tuesday curbed safe-haven demand for precious metals and weighed on prices throughout the day. Also, demand concerns weighed on silver prices after the world's biggest jewelry firm said it will stop relying on newly-mined gold and silver to make its jewelry.
A positive factor for industrial metals and silver prices was Tuesday's data from the China Association of Automobile Manufacturers that China's May vehicle sales increased by +12% m/m to 2.14 million units, the second straight monthly increase.
Tuesday's UK economic data was bullish for gold but negative for industrial metals demand and silver prices. The UK May nationwide house prices fell -1.7% m/m, weaker than expectations of -1.0% m/m and the biggest decline in 11-1/4 years. Also, UK Apr net consumer credit fell -7.4 billi... Read more