Silver Futures Market News and Commentary
Dec Comex gold (GCZ20) on Friday closed down -10.6 (-0.56%), and Dec silver (SIZ20) closed down -0.103 (-0.44%).
Precious metals prices on Friday closed lower, although they held above Thursday's 2-month lows. A rally in the dollar index to a 2-month high on Friday undercut metals prices. Also, industrial metals, including silver, fell Friday on a surge of Covid infections in Europe that may curb economic growth and industrial metals demand.
Friday's U.S. economic data was mixed for precious metals. In a bullish factor for gold and a negative factor for silver, U.S. Aug durable goods orders rose +0.4% m/m, weaker than expectations of +1.5% m/m. Also, Apr durables ex-transportation rose +0.4% m/m, weaker than expectations of +1.0% m/m. Conversely, in a bearish factor for gold but a bullish factor for industrial metals demand and silver prices, U.S. Aug capital goods orders nondefense ex-aircraft, a proxy for capital spending, rose +1.8% m/m, stronger than expectations o... Read more