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Market News Increased global demand drives silver prices, gold prices continue to fall, and the outlook is bumpy

Increased global demand drives silver prices, gold prices continue to fall, and the outlook is bumpy

The U.S. dollar rose and bond yields rose as resistance to gold prices; CME Group raised the margin requirement for silver futures on Tuesday from $14,000 per contract to $16,500.

Eden

2021-02-04

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The price of gold futures for April delivery rose by US$1.70, or nearly 0.1%, to US$1,835.10 per ounce. Yesterday, gold plunged 1.6%.

"Metal Daily" CEO Ross Norman said, "Gold is trading in a range and is currently testing the support level of $1830. Although silver has soared, the trend of gold is calm, indicating that the broad market sentiment is suspicious of silver. I mean, The prerequisite for rolling blank silver is that silver has been shorted a lot, but in fact it has not. The proof is that there has been no short-covering rise.

However, some market analysts believe that the small rebound in gold on Wednesday was due to the rise in the dollar and the rise in bond yields, which are short-term resistance to gold.

The 10-year bond yield rose by nearly 2 basis points to 1.12%. The ICE dollar index fell less than 0.1%, but rose this week. Rising yields will reduce the attractiveness of non-yielding precious metals, and a stronger U.S. dollar will also reduce the willingness of silver and gold to buy from buyers using other currencies.

Silver demand stimulates silver prices

March silver futures prices rose 49 cents, or nearly 1.8%, and eventually closed at $26.889 per ounce. On Monday, silver reached its highest closing price in about 8 years, while yesterday it plunged by more than 10%. Peter Thomas, senior vice president of metal broker Zaner Metals, said, "This is a huge storm for silver, and global demand is expanding."

CME Group raised the margin requirement for silver futures on Tuesday, from US$14,000 per contract to US$16,500, which means that silver futures traders must put in more guarantees to open positions.

"CME moved too fast. The price of silver only rose for 2 days, and they took profits. Maybe many people are nervous about silver futures and immediately let go." Peter Thomas expects that the price of silver will move at the base price of $25 to $26, and There will be some banner consolidation, after which the price may move higher.