CME Group Micro Gold and Silver Products Update – July 2021

  • 13 Jul 2021
  • By CME Group
  • Topics: Metals

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

  • Precious metals markets were brought back down to earth as a more hawkish stance from the Fed at June’s FOMC meeting indicated more support for raising rates sooner than previously expected.
  • Gold erased its gains from May, with a monthly price decrease of 7%.
  • The market had spent some time trading above 1900 USD/oz before the policy meeting, and its low point in the following days was 1750 USD/oz.
  • Silver held up slightly better under the circumstances, as it experienced a smaller monthly drop of 6.5%.
  • Amidst all this volatility, CME Group Micro Gold and Micro Silver futures liquidity remained strong, although volumes tapered off a little into the end of the month.
  • YTD MGC volumes are 62,623 contracts each day, while YTD SIL volumes are 11,575 contracts daily (+300% YoY).

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

Key economic events in July/August

  • July 8 – FOMC minutes – 2:00 a.m. SGT / HKT
  • Jul 13 – US inflation numbers – 8:30 p.m. SGT / HKT
  • July 16 – US retail sales – 8:30 p.m. SGT / HKT
  • July 29 – FOMC meeting and press conference – 2:00 a.m. SGT / HKT
  • July 29 – GDP growth rate – 8:30 p.m. SGT / HKT
  • July 30 – Personal spending/income – 8:30 p.m. SGT / HKT
  • August 5 – Balance of trade – 8:30 p.m. SGT / HKT
  • August 6 – Non-farm payrolls – 8:30 p.m. SGT / HKT
  • August 11 – US inflation numbers – 8:30 p.m. SGT / HKT

Useful resources

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