Silver Micro Futures Market News and Commentary
Apr Comex gold (GCJ20) on Thursday closed up +8.7 (+0.54%), and Mar silver (SIH20) closed up +0.008 (+0.04%).
Precious metals moved higher Thursday with gold prices at a 7-year high. Concern that the coronavirus is spreading outside of China undercut stock prices and boosted the safe-haven demand for precious metals. Japan reported two deaths from the virus on Thursday, and South Korea reported its first fatality from the disease. Confirmed cases of the coronavirus have now jumped to 75,730, with 2,129 deaths.
Gold prices also rallied Thursday on lower Chinese interest rates in the wake of the recent move by the People's Bank of China (PBOC) to cut rates by -10 bp on various bank loans and repo operations. The 1-year loan prime rate, which is the benchmark borrowing rate for new corporate and household loans, fell by -10 bp to 4.05%, and the 5-year tenor rate fell by -5 bp to 4.75%.
A slump in German bund yields on Thursday was positive for gold demand as a stor... Read more