Silver Futures Market News and Commentary
Jun Comex gold (GCM20) this morning is down -1.4 (-0.09%), and May silver (SIK20) is down -0.059 (-0.40%).
Precious metals prices this morning are lower on a rally in the dollar index to a 1-week high and on weaker-than-expected economic data that was negative for industrial metals demand.
Today's U.S. payroll report was bullish for gold but bearish for industrial metals prices. U.S. Mar non-farm payrolls fell -701,000, weaker than expectations of -100,000 and the biggest decline in 11 years. The Mar unemployment rate rose +0.9 to a 3-year high of 4.4%, showing a weaker labor market than expectations of +0.3 to 3.8%.
In a supportive factor for industrial metals prices, the U.S. Mar ISM non-manufacturing index fell by -4.8 to 52.5, stronger than expectations of -14.3 to 43.0 but still the slowest pace of expansion in 3-1/2 years.
Today's weaker-than-expected European economic data was bullish for gold but bearish for industrial metals and silver prices aft... Read more