CME Group Micro Gold and Silver Products Update – December 2020

  • 11 Dec 2020
  • By CME Group
  • Topics: Metals

Micro Gold (MGC) and Micro Silver futures (SIL) update

  • Another tough month for the Gold market, with COMEX GC falling over 5% during November.
  • Initial optimism in the immediate aftermath of the US election was met with a thunderous selloff on Monday, November 9 upon the first announcement of positive news on COVID-19 vaccine front.
  • The market trended lower for the rest of the month as positive headlines continued to remove the safe haven bid in Gold and question the need for further monetary and fiscal stimulus.
  • December has started strongly, with a sharp rebound from the November end of month lows of 1775.

Source: CME Group

Source: CME Group

*  APAC hours represent 8 a.m. – 8 p.m. SGT/HKT

MGC and SIL price movement and daily range (expressed in terms of one lot notional)

Source: CME Group

Source: CME Group

*  Intraday price movement is expressed as the difference between the daily high price and the daily low price, multiplied by the contract notional size in troy ounce.

Options heatmap

Key economic events in December

  • December 4 – US non-farm payrolls – 9:30 p.m. SGT / HKT
  • December 10 – US inflation numbers – 9:30 p.m. SGT / HKT
  • December 11 – US PPI – 9:30 p.m. SGT / HKT
  • December 16 – US retail sales – 9:30 p.m. SGT / HKT
  • December 22 – US GDP – 9:30 p.m. SGT / HKT

Useful resources

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