• Recent dovish remarks from the U.S. Federal Reserve officials have raised the expectation of rate cut coming sooner than later among the market participants. On top of that, lower-than-expected NFP, softer headline inflation rate and weaker U.S. dollar provided more reasons for the gold price to rally. Gold price eventually ended the month at $2,057.20/oz., up 3.2% MoM.
  • In addition to the above factors that are bullish for precious metals, concern around supply due to reduced output from key silver producers and increased demand of silver in the technology sector drove the prices to $25.660/oz., up 11.8% MoM.
  • Copper broke out of the three-month price decline trend on the back of China’s renewed support for the property sector, which in turn boosted the red metal demand outlook of the world’s top copper consuming country. At the same time, the weakening U.S. dollar made copper more affordable for non-U.S. dollar buyers and led copper prices to finish the month at $3.8505/lb., up 5.5% MoM.
  • Micro Gold (MGC) futures and Micro Silver (SIL) futures continued their strong average daily volume (ADV) performance with 62,162 contracts, up 23% QoQ, and 12,043 contracts, up 22% QoQ, respectively. The robust liquidity allows market participants to hedge/take positions effectively.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

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 November 1 to November 30, 2023)

Key Economic Events in December 2023/January 2024:

Key Economic Event




U.S. ISM Manufacturing PMI

Dec 1, 10.00 a.m.

Dec 1, 3.00 p.m.

Dec 1, 11.00 p.m.

China Balance of Trade

Dec 6, 10.00 p.m.

Dec 7, 3.00 a.m.

Dec 7, 11.00 a.m.

U.S. Non Farm Payrolls and Unemployment Rate

Dec 8, 8.30 a.m.

Dec 8, 1.30 p.m.

Dec 8, 9.30 p.m.

China Inflation Rate YoY

Dec 8, 8.30 p.m.

Dec 9, 1.30 a.m.

Dec 9, 9.30 a.m.

U.S. Inflation Numbers

Dec 12, 8.30 a.m.

Dec 12, 1.30 p.m.

Dec 12, 9.30 p.m.

U.S. Fed Interest Rate Decision and Fed Press Conference

Dec 13, 2.00 p.m.

Dec 13, 7.00 p.m.

Dec 14, 3.00 a.m.

U.S. Core PCE Price Index

Dec 22, 8.30 a.m.

Dec 22, 1.30 p.m.

Dec 22, 9.30 p.m.

China NBS Manufacturing PMI

Dec 30, 8.30 p.m.

Dec 31, 1.30 p.m.

Dec 31, 9.30 a.m.

China Caixin Manufacturing PMI

Jan 1, 8.45 p.m.

Jan 2, 1.45 a.m.

Jan 2, 9.45 a.m.

U.S. ISM Manufacturing PMI

Jan 3, 10.00 a.m.

Jan 3, 3.00 p.m.

Jan 3, 11.00 p.m.

FOMC Minutes

Jan 3, 2.00 p.m.

Jan 3, 7.00 p.m.

Jan 4, 3.00 a.m.

U.S. Non Farm Payrolls

Jan 5, 8.30 a.m.

Jan 5, 1.30 p.m.

Jan 5, 9.30 p.m.

U.S. Inflation Numbers

Jan 11, 8.30 a.m.

Jan 11, 1.30 p.m.

Jan 11, 9.30 p.m.

China Inflation Rate YoY

Jan 11, 8.30 p.m.

Jan 12, 1.30 a.m.

Jan 12, 9.30 a.m.

China Balance of Trade

Jan 12, 10.00 p.m.

Jan 13, 3.00 a.m.

Jan 13, 11.00 a.m.

China Industrial Production YoY

Jan 16, 9.00 p.m.

Jan 17, 2.00 a.m.

Jan 17, 10.00 a.m.

U.S. Core PCE Price Index

Jan 26, 8.30 a.m.

Jan 26, 1.30 p.m.

Jan 26, 9.30 p.m.

China NBS Manufacturing PMI

Jan 30, 8.30 p.m.

Jan 31, 1.30 a.m.

Jan 31, 9.30 a.m.

U.S. Fed Interest Rate Decision and Fed Press Conference

Jan 31, 2.00 p.m.

Jan 31, 7.00 p.m.

Feb 1, 3.00 a.m.

China Caixin Manufacturing PMI

Jan 31, 8.45 p.m.

Feb 1, 1.45 a.m.

Feb 1, 9.45 a.m.

Source: CME Group, Quikstrike

Useful resources

Stay up-to-date with the latest probabilities of FOMC rate moves with the CME FedWatch Tool.

The Commitments of Traders (COT) tool can provide a comprehensive and highly configurable graphical representation of the CFTC's report on market open interest.

Build and test your trading strategies in a simulated environment with free pricing and analytics tools for CME Group markets. Choose from three ways to access exclusive, web-based tools developed by QuikStrike®.


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