- Gold prices closed March at $1,969/oz., up 7.2% MoM. Despite sticky inflation, a more dovish-looking Federal Reserve rate hiking path after banking crisis as a result of U.S. banks collapse and Credit Suisse acquisition by UBS. That, coupled with the weakening U.S. dollar, have all played a part in flight to gold. As of COT report, dated March 28, 2023, managed money net positions ventured deeper into the positive territory, a level not seen since April 2022.
- Silver prices rose to $24.155/oz., up 14.6% MoM, reversing last month double-digit decline in prices. With that said, silver managed money net positions rose since the start of banking crisis but mainly a result of short covering.
- In Q1 2023, MGC achieved an average daily volume (ADV) growth of 54% QoQ, with 68,700 contracts traded. Meanwhile, SIL volume achieved a second consecutive quarter growth with 10,922 contracts traded, representing a 25% ADV growth QoQ.
- The tug-of-war between uncertainties in the banking sector affecting demand outlook and tight fundamentals continued in copper markets. With support of the weaker U.S. dollar, copper closed 0.12% higher MoM at $4.0945/lb.
MGC, SIL, and MHG price movement and daily range (expressed in terms of one lot notional)
*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).
Options Heatmap (Change in OI from March 1 to March 31, 2023)
Key economic events in April/May 2023:
|
Key Economic Event |
ET |
GMT / BST |
SGT / HKT |
|---|---|---|---|
|
China Caixin Manufacturing PMI |
Apr 2, 9:45 p.m. |
Apr 3, 2:45 a.m. |
Apr 3, 9:45 a.m. |
|
U.S. ISM Manufacturing PMI |
Apr 3, 10:00 a.m. |
Apr 3, 3:00 p.m. |
Apr 3, 10:00 p.m. |
|
U.S. Balance of Trade |
Apr 5, 8:30 a.m. |
Apr 5, 1:30 p.m. |
Apr 5, 8:30 p.m. |
|
U.S. Non-Farm Payrolls |
Apr 7, 8:30 a.m. |
Apr 7, 1:30 p.m. |
Apr 7, 8:30 p.m. |
|
China Inflation Rate YoY |
Apr 10, 9:30 p.m. |
Apr 11, 2:30 a.m. |
Apr 11, 9:30 a.m. |
|
U.S. Inflation Numbers |
Apr 12, 8:30 a.m. |
Apr 12, 1:30 p.m. |
Apr 12, 8:30 p.m. |
|
FOMC Minutes |
Apr 12, 2:00 p.m. |
Apr 12, 7:00 p.m. |
Apr 13, 2:00 a.m. |
|
China Balance of Trade |
Apr 12, 11:00 p.m. |
Apr 13, 4:00 a.m. |
Apr 13, 11:00 a.m. |
|
China Industrial Production YoY |
Apr 17, 10:00 p.m. |
Apr 18, 3:00 a.m. |
Apr 18, 10:00 a.m. |
|
China NBS Manufacturing PMI |
Apr 29, 9:30 p.m. |
Apr 30, 2:30 a.m. |
Apr 30, 9:30 a.m. |
|
U.S. ISM Manufacturing PMI |
May 1, 10:00 a.m. |
May 1, 2:00 p.m. |
May 1, 10:00 p.m. |
|
China Caixin Manufacturing PMI |
May 1, 9:45 p.m. |
May 2, 1:45 a.m. |
May 2, 9:45 a.m. |
|
U.S. Fed Interest Rate Decision and Fed Press Conference |
May 3, 2:00 p.m. |
May 3, 6:00 p.m. |
May 4, 2:00 a.m. |
|
U.S. Balance of Trade |
May 4, 8:30 a.m. |
May 4, 12:30 p.m. |
May 4, 8:30 p.m. |
|
U.S. Non-Farm Payrolls |
May 5, 8:30 a.m. |
May 5, 12:30 p.m. |
May 5, 8:30 p.m. |
|
China Balance of Trade |
May 8, 11:00 p.m. |
May 9, 3:00 a.m. |
May 9, 11:00 a.m. |
|
U.S. Inflation Numbers |
May 10, 8:30 a.m. |
May 10, 12:30 p.m. |
May 10, 8:30 p.m. |
|
China Inflation Rate YoY |
May 10, 9:30 p.m. |
May 11, 1:30 a.m. |
May 11, 9:30 a.m. |
|
FOMC Minutes |
May 24, 2:00 p.m. |
May 24, 6:00 p.m. |
May 25, 2:00 a.m. |
|
China NBS Manufacturing PMI |
May 30, 9:30 p.m. |
May 31, 1:30 a.m. |
May 31, 9:30 a.m. |
Useful resources
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