• The COMEX active month gold price settled June 2024 at $2,339.60/oz., down marginally by 0.3% MoM. The upward price action led by Canada, ECB and SNB rate-cutting decisions was offset by stronger-than-expected NFP and reports around China would pause official gold purchases for their reserves. With that said, COMEX Gold futures (GC) managed money net positions remained at an elevated level.
  • Silver prices mirrored its yellow counterpart on similar factors with those bearish ones pushing the prices to settle below the $30/oz. key resistance level at $29.560/oz., down 2.9% MoM.
  • Copper prices ended its three-month price growth and cooled 4.6% MoM to close June at $4.3915/lb. The stronger U.S. dollar, rising inventories and persistent weak demand in China have contributed to the downward price movement.
  • Micro Gold futures (MGC) finished Q2 2024 with second highest quarterly average daily volume (ADV) of 121,542 contracts and third highest quarterly average daily open interest (ADOI) of 35,999 contracts, up 87% and 9% QoQ respectively. Micro Silver futures (SIL) hit the highest quarterly ADV and ADOI records with 25,216 contracts (+209% QoQ) and 11,076 contracts (+17% QoQ) since product launch. The consistently growing liquidity offers higher capital efficiency for market participants.

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 June 3 to July 1, 2024)

Key Economic Events in July/August 2024:

Key Economic Event




China Caixin Manufacturing PMI

Jun 30, 9.45 p.m.

Jul 1, 2.45 a.m.

Jul 1, 9.45 a.m.

U.S. ISM Manufacturing PMI

Jul 1, 10.00 a.m.

Jul 1, 3.00 p.m.

Jul 1, 10.00 p.m.

FOMC Minutes

Jul 3, 2.00 p.m.

Jul 3, 7.00 p.m.

Jul 4, 2.00 a.m.

U.S. Non Farm Payrolls

Jul 5, 8.30 a.m.

Jul 5, 1.30 p.m.

Jul 5, 8.30 p.m.

China Inflation Rate YoY

Jul 9, 9.30 p.m.

Jul 10, 2.30 a.m.

Jul 10, 9.30 a.m.

U.S. Inflation Numbers

Jul 11, 8.30 a.m.

Jul 11, 1.30 p.m.

Jul 11, 8.30 p.m.

China Balance of Trade

Jul 12, 11.00 p.m.

Jul 12, 4.00 a.m.

Jul 13, 11.00 a.m

China Industrial Production YoY

Jul 14, 10.00 p.m.

Jul 15, 3.00 a.m.

Jul 15, 10.00 a.m.

U.S. Core PCE Price Index

Jul 26, 8.30 a.m.

Jul 26, 1.30 p.m.

Jul 26, 8.30 p.m.

China NBS Manufacturing PMI

Jul 30, 9.30 p.m.

Jul 31, 2.30 a.m.

Jul 31, 9.30 a.m.

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

Jul 31, 2.00 p.m.

Jul 31, 7.00 p.m.

Aug 1, 2.00 a.m.

China Caixin Manufacturing PMI

Jul 31, 9.45 p.m.

Aug 1, 2.45 a.m.

Aug 1, 9.45 a.m.

U.S. ISM Manufacturing PMI

Aug 1, 10.00 a.m.

Aug 1, 3.00 p.m.

Aug 1, 10.00 p.m.

U.S. Non Farm Payrolls

Aug 2, 8.30 a.m.

Aug 2, 1.30 p.m.

Aug 2, 8.30 p.m.

China Balance of Trade

Aug 7, 11.00 p.m.

Aug 8, 4.00 a.m.

Aug 8, 11.00 a.m.

China Inflation Rate YoY

Aug 8, 9.30 p.m.

Aug 9, 2.30 a.m.

Aug 9, 9.30 a.m.

U.S. Inflation Numbers

Aug 14, 8.30 a.m.

Aug 14, 1.30 p.m.

Aug 14, 8.30 p.m.

China Industrial Production YoY

Aug 14, 10.00 p.m.

Aug 15, 3.00 a.m.

Aug 15, 10.00 a.m.

FOMC Minutes

Aug 21, 2.00 p.m.

Aug 21, 7.00 p.m.

Aug 22, 2.00 a.m.

U.S. Core PCE Price Index

Aug 30, 8.30 a.m.

Aug 30, 1.30 p.m.

Aug 30, 8.30 p.m.

China NBS Manufacturing PMI

Aug 30, 9.30 p.m.

Aug 31, 2.30 a.m.

Aug 31, 9.30 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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