Highlights
- Gold prices rallied for the first half of December as concerns built around potential tariffs on bullion imports into New York City, but the hawkish cut of 25 basis points, where the Federal Reserve signaled a potential pause in the rate cutting cycle, reversed the price trajectory. At the same time, the strong U.S. dollar added pressure onto the Gold price before ending the year at $2,641.0/oz., down 1.5% MoM.
- Silver prices tracked its yellow counterpart performance for the month. In addition to the abovementioned factors, the industrial outlook uncertainty also pulled the prices downward to settle the month at $29.240/oz., down 6.0% MoM.
- Copper prices closed out 2024 at $4.0265/lb., down 2.7% MoM as U.S. dollar gaining strength and lack of detailed policies from the Chinese government continued to weigh the demand outlook from the world’s top copper consumer.
- As we head closer to the date Donald Trump takes over the White House, Micro Gold futures (MGC) and Micro Silver futures (SIL) are providing consistent liquidity for managing risks with 2024 Average Daily Volume (ADV) reaching all-time highs of 105,372 contracts and 18,940 contracts, up 61% and 77% compared to 2023, respectively.
MGC, SIL and Micro Copper futures (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 December 3, 2024 to January 2, 2025)
Key economic events in January/February 2025:
Key Economic Event |
ET |
GMT / BST |
SGT / HKT |
---|---|---|---|
China Caixin Manufacturing PMI |
Jan 1, 8.45 p.m. |
Jan 2, 1.45 a.m. |
Jan 2, 9.45 p.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 8, 2.00 p.m. |
Jan 8, 7.00 p.m. |
Jan 9, 3.00 a.m. |
U.S. Non Farm Payrolls |
Jan 10, 8.30 a.m. |
Jan 10, 1.30 p.m. |
Jan 10, 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 11, 10.00 p.m. |
Jan 12 3.00 a.m. |
Jan 12, 11.00 a.m. |
U.S. Inflation Numbers |
Jan 13, 8.30 a.m. |
Jan 13, 1.30 p.m. |
Jan 13, 9.30 p.m. |
China Industrial Production YoY and GDP Growth Rate YoY |
Jan 16, 9.00 p.m. |
Jan 17, 2.00 a.m. |
Jan 17, 10.00 a.m. |
U.S. Fed Interest Rate Decision and Fed Press Conference |
Jan 29, 2.00 p.m. |
Jan 29, 7.00 p.m. |
Jan 30, 3.00 a.m. |
China NBS Manufacturing PMI |
Jan 30, 8.30 p.m. |
Jan 31, 1.30 a.m. |
Jan 31, 9.30 a.m. |
China Caixin Manufacturing PMI |
Jan 30, 8.45 p.m. |
Jan 31, 1.45 a.m. |
Jan 31, 9.45 a.m. |
U.S. Core PCE Price Index |
Jan 31, 8.30 a.m. |
Jan 31, 1.30 p.m. |
Jan 31, 9.30 p.m. |
U.S. ISM Manufacturing PMI |
Feb 3, 10.00 a.m. |
Feb 3, 3.00 p.m. |
Feb 3, 11.00 p.m. |
U.S. Non Farm Payrolls |
Feb 7, 8.30 a.m. |
Feb 7, 1.30 p.m. |
Feb 7, 9.30 p.m. |
China Inflation Rate YoY |
Feb 7, 8.30 p.m. |
Feb 8, 1.30 a.m. |
Feb 8, 9.30 a.m. |
U.S. Inflation Numbers |
Feb 12, 8.30 a.m. |
Feb 12, 1.30 p.m. |
Feb 12, 9.30 p.m. |
FOMC minutes |
Feb 19, 2.00 p.m. |
Feb 19, 7.00 p.m. |
Feb 20, 3.00 a.m. |
U.S. Core PCE Price Index |
Feb 28, 8.30 a.m. |
Feb 28, 1.30 p.m. |
Feb 28, 9.30 p.m. |
China NBS Manufacturing PMI |
Feb 28, 8.30 p.m. |
Mar 1, 1.30 a.m. |
Mar 1, 9.30 a.m. |
Source: CME Group, Quikstrike
Useful resources
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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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