CME Group Micro Gold, Silver, and Copper Products Update

The price of gold currently stands at $1,965.90 per ounce, which marks a 2.2% decrease month-over-month (MoM). The decline in gold’s value can be attributed to several factors, including the Federal Reserve adopting a hawish stance, indicating their intention to maintain higher interest rates for an extended time; a strengthening U.S. dollar; and the resilience of the U.S. economy, as evidenced by the increase in produce price index and personal consumption expenditure price today.
Silver prices dropped to $24.47/oz., down 2.0% MoM, tracking gold’s performance throughout the month. The growing trend of clean energy transition translated into stronger demand for silver, which in turn provided support for the prices.
Copper prices closed the month at $3.77/lb., down 5.9% MoM and offset the monthly gain in July. The lack of details around Chinese government potential stimulus measures, stronger U.S. dollar, and weak demand continued to exert downward pressure onto the prices.
Micro Silver futures (SIL) year-to-date (YTD) average daily volume (ADV) of 10,518 contracts (up 38% year-on-year) and YTD ADOI of 8,069 contracts showed consistent market participants’ interest in utilizing the contract as an effective risk management tool.

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 August 1 to August 31, 2023)

Key Economic Events in September/October 2023:

Key Economic Event	ET	GMT / BST	SGT / HKT
China Caixin Manufacturing PMI	Aug 31, 9.45 p.m.	Sep 1, 2.45 a.m.	Sep 1, 9.45 a.m.
U.S. Non Farm Payrolls	Sep 1, 8.30 a.m.	Sep 1, 1.30 p.m.	Sep 1, 8.30 p.m.
U.S. ISM Manufacturing PMI	Sep 1, 10.00 a.m.	Sep 1, 3.00 p.m.	Sep 1, 10.00 p.m.
China Balance of Trade	Sep 6, 11.00 p.m.	Sep 7, 4.00 a.m.	Sep 7, 11.00 a.m.
China Inflation Rate YoY	Sep 8, 9.30 p.m.	Sep 9, 2.30 a.m.	Sep 9, 9.30 a.m.
U.S. Inflation Numbers	Sep 13, 8.30 a.m.	Sep 13, 1.30 p.m.	Sep 13, 8.30 p.m.
China Industrial Production YoY	Sep 14, 10.00 p.m.	Sep 15, 3.00 a.m.	Sep 15, 10.00 a.m.
U.S. Fed Interest Rate Decision, FOMC Economic Projections and Fed Press Conference	Sep 20, 2.00 p.m.	Sep 20, 7.00 p.m.	Sep 21, 2.00 a.m.
China Caixin Manufacturing PMI	Sep 28, 9.45 p.m.	Sep 29, 2.45 a.m.	Sep 29, 9.45 a.m.
U.S. Core PCE Price Index	Sep 29, 8.30 a.m.	Sep 29, 1.30 p.m.	Sep 29, 8.30 p.m.
China NBS Manufacturing PMI	Sep 29, 9.30 p.m.	Sep 30, 2.30 a.m.	Sep 30, 9.30 a.m.
U.S. ISM Manufacturing PMI	Oct 2, 10.00 a.m.	Oct 2, 3.00 p.m.	Oct 2, 10.00 p.m.
U.S. Non Farm Payrolls	Oct 6, 8.30 a.m.	Oct 6, 1.30 p.m.	Oct 6, 8.30 p.m.
FOMC Minutes	Oct 11, 2.00 p.m.	Oct 11, 7.00 p.m.	Oct 12, 2.00 a.m.
U.S. Inflation Numbers	Oct 12, 8.30 a.m.	Oct 12, 1.30 p.m.	Oct 12, 8.30 p.m.
China Inflation Rate YoY	Oct 12, 9.30 p.m.	Oct 13, 2.30 a.m.	Oct 13, 9.30 a.m.
China Balance of Trade	Oct 12, 11.00 p.m.	Oct 13, 4.00 a.m.	Oct 13, 11.00 a.m.
China Industrial Production YoY	Oct 17, 10.00 p.m.	Oct 18, 3.00 a.m.	Oct 18, 10.00 a.m.
U.S. Core PCE Price Index	Oct 27, 8.30 a.m.	Oct 27, 1.30 p.m.	Oct 27, 8.30 p.m.
China NBS Manufacturing PMI	Oct 30, 9.30 p.m.	Oct 31, 1.30 a.m.	Oct 31, 9.30 a.m.
China Caixin Manufacturing PMI	Oct 31, 9.45 p.m.	Nov 1, 1.45 a.m.	Nov 1, 9.45 a.m.

Source: CME Group, Quikstrike

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