- 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
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
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
- 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
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