CME Group Micro Gold and Silver Products Update – August 2021

  • 23 Aug 2021
  • By CME Group
  • Topics: Metals

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

  • A quieter month for precious metals in July as the gold market recovered 2.5% after its difficult June post-FOMC.
  • The market still battles with mixed signals ‒ inflation still running high but the possibility of earlier than anticipated tapering.
  • The correlation between gold and real interest rates appears to have weakened considerably recently and the net result is a market which is struggling to form a consensus on the next move.
  • Silver struggled alongside gold, losing a further 2.5% after its difficult June amongst some weakness in the industrial commodity sector.
  • Under the difficult market environment, July MGC and SIL volumes held up relative to Q2 2020.

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 August/September

  • August 17 – US retail sales – 8:30 p.m. SGT / HKT
  • August 19 – FOMC minutes – 2:00 a.m. SGT / HKT
  • August 26 – GDP growth rate – 8:30 p.m. SGT / HKT
  • August 27 – Personal spending/income – 8:30 p.m. SGT / HKT
  • September 2 – Balance of trade – 8:30 p.m. SGT / HKT
  • September 3 – Non-farm payrolls – 8:30 p.m. SGT / HKT
  • September 14 – US inflation numbers – 8:30 p.m. SGT / HKT

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