CME Group Micro Gold and Silver Products Update – September 2021

  • 21 Sep 2021
  • By CME Group
  • Topics: Metals

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

  • Exceptionally quiet month in the gold market as prices were close to unchanged during August.
  • The month was punctuated with odd days of drama, usually linked to US macroeconomic numbers. However, the market ultimately held up well under bouts of selling pressure but could not gather momentum to the upside either.
  • Silver was a large underperformer, falling 6% during August as physical weakness and a generally soft tone for the industrial complex caused pain (relative to gold).

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

Key economic events in September/October

  • September 16 – US retail sales – 8:30 p.m. SGT / HKT
  • September 23 – FOMC decision and press conference – 2:00 a.m. SGT / HKT
  • September 30 – GDP growth rate – 8:30 p.m. SGT / HKT
  • October 1 – Personal spending/income – 8:30 p.m. SGT / HKT
  • October 5 – Balance of trade – 8:30 p.m. SGT / HKT
  • October 8 – Non-farm payrolls – 8:30 p.m. SGT / HKT
  • October 13 – US inflation numbers – 8:30 p.m. SGT / HKT
  • October 14 – FOMC minutes – 2:00 a.m. SGT / HKT

Useful resources

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