Silver Futures Market News and Commentary
Dec Comex gold (GCZ20) on Wednesday closed up +14.10 (+0.74%), and Dec silver (SIZ20) closed up +0.261 (+1.04%).
Precious metals on Wednesday rallied to 1-week highs on dollar weakness and on expectations for U.S. lawmakers to agree on additional pandemic stimulus measures. Gold prices also garnered support Wednesday from dovish central bank comments and a jump in U.S. inflation expectations.
Expectations that U.S. lawmakers can pass additional pandemic stimulus measures pushed the dollar index down to a 1-1/2 month low on concern that the additional stimulus spending will explode the U.S. budget deficit. The weaker dollar is bullish for metals prices. Optimism improved that U.S. lawmakers will pass a pandemic relief plan after White House Chief of Staff Meadows said on Wednesday that "the last 24 hours have moved the ball down the field," and the goal is "some kind of stimulus deal in the next 48 hours or so."
Dovish comments on Wednesday from Fed Governor Brai... Read more