Gold and Silver tumble before partial recovery – Commerzbank
Gold and Silver prices fell sharply yesterday, with Gold dipping near $4,400 per ounce and Silver briefly below $74, before recovering somewhat, highlighting heightened short-term market uncertainty, Commerzbank's commodity analyst Carsten Fritsch notes.
US jobs data may influence Gold and Silver next
"Gold and Silver prices fell sharply yesterday. Gold slipped to almost $4,400 per troy ounce, while Silver briefly fell below $74 per troy ounce. However, prices have since recovered noticeably. In any case, the last few days have been marked by considerable price fluctuations. This may indicate uncertainty about the short-term price outlook."
"Price increases lead to profit-taking, while price declines lead to purchases. Today, US labor market data could provide new impetus, as interest rate expectations have declined in recent days. Fed Funds Futures are now pricing in less than half of a 25 basis point rate cut by March. Disappointing data could cause expectations to rise again, providing tailwinds for Gold and Silver."
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