Silver Micro Futures Market News and Commentary
Dec Comex gold (GCZ20) on Thursday closed down -11.20 (-0.60%), and Dec silver (SIZ20) closed up +0.001 (unchanged).
Precious metals on Thursday settled mixed with gold at a new 1-month low. A rally in the dollar index Thursday to a 3-1/2 week high pressured metals prices. Silver recovered from a 1-month low and settled unchanged after stronger-than-expected U.S. economic data today signaled strength in industrial metals demand.
Thursday's U.S. economic data was bearish for gold but supportive for industrial metals demand and silver prices. U.S. Q3 GDP rose by a record +33.1% (q/q annualized), the fastest pace of growth since the data began in 1947 and stronger than expectations of +32.0%. Also, weekly initial unemployment claims fell -40,000 to a 7-1/4 month low of 751,000, showing a stronger labor market than expectations of 770,000. A bullish factor for gold and a negative for silver was Thursday's data that showed U.S. Sep pending home sales unexpectedly fell -2.2%... Read more