Silver Futures Market News and Commentary
Feb gold (GCG21) on Tuesday closed down -4.30 (-0.23%), and March silver (SIH21) closed up +0.054 (+0.21%).
Gold and silver prices on Tuesday settled mixed. Gold fell back Tuesday after a rally in the S&P 500 to a new record high reduced the safe-haven demand for gold. Gold also fell back, and silver rose, on better-than-expected U.S. economic data. Finally, the action on Tuesday by the IMF to raise its global 2021 growth estimate weighed on gold but boosted silver prices. A weaker dollar on Tuesday was supportive of metal prices.
Tuesday's U.S. economic data was negative for gold but supportive for industrial metals demand and silver prices. The U.S. Nov S&P Core Logic composite-20 home price index rose +9.5% y/y, stronger than expectations of +8.9% y/y and the fastest pace of increase in 6-3/4 years. Also, the Conference Board's U.S. Jan consumer confidence index rose +2.2 to 89.3, stronger than expectations of 89.0.
The action Tuesday... Read more