CME Group Micro Gold and Silver Products Update – June 2021

  • 7 Jun 2021
  • By CME Group
  • Topics: Metals

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

  • Gold continued its turnaround during May, posting a 7.8% monthly gain, its highest monthly return since July 2020. 
  • Both key psychological levels of 1800 and 1900 were breached, as was the 200d moving average at 1850 USD/oz.
  • Silver futures followed Gold higher, posting a monthly gain of 8.3%. Some weakness in the industrial metal space may have weighed on Silver as the outperformance over Gold was only minimal during May.
  • Strong inflation numbers, a weak May NFP number, proposed additional stimulus from the Biden government, and continuation of loose monetary policy have been the key drivers of the precious metals markets.
  • Volumes rebounded well in May on CME Micro Gold and Silver futures. MGC volumes were +36% compared to April 2021. SIL volumes were +57% compared to April 2021.

Source: CME Group

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

Source: CME Group

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

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.

Source: CME Group

Options heatmap

As of COB 28 May, the following Gold options had the highest amount of OI:

Dec’21 3000 strike call = 30,205 lots
Dec’21 2500 strike call = 24,467 lots

Key economic events in June

  • June 4 – US non-farm payrolls – 8:30 p.m. SGT / HKT
  • June 10 – US inflation numbers – 8:30 p.m. SGT / HKT
  • June 15 – US retail sales – 8:30 p.m. SGT / HKT
  • June 17 – FOMC decision/press conference – 2:00 a.m. SGT / HKT
  • June 25 – Personal spending + PCE price index – 8:30 p.m. SGT / HKT
  • July 2 – US non-farm payrolls – 8:30 p.m. SGT / HKT

Useful resources

The data and output from this tool does not constitute investment advice and is not a personal recommendation from CME Group.  Nothing contained herein constitutes the solicitation of the purchase or sale of any futures or options.  Any investment activities undertaken using this tool will be at the sole risk of the relevant investor.  CME Group expressly disclaims all liability for the use or interpretation (whether by visitor or by others) of information contained herein. Decisions based on this information are the sole responsibility of the relevant investor.  Any visitor to this page agrees to hold the CME Group and its affiliates and licensors harmless against any claims for damages arising from any decisions that the visitor makes based on such information.