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Sharp Correction in Gold/Silver Ratio Weighs Spot Gold

PRECIOUS METALS
  • Gold sales extends through the London close, with spot breaking cleanly below the Monday lows. Gold was already trading poorly through the cash equity open, but extended declines on the solid US PMI data on top of a stabilisation of the greenback in FX markets (evident in the reversal of EUR/USD, GBP/USD off daily highs). Next meaningful support seen into YTD lows of $2,001.9.
  • Gold weakness has led to a correction for the gold/silver ratio, which hit a multi-year high of 92.1 earlier this week and may have signalled that gold would be harder hit in precious metals space on any dollar recovery.
  • Notably for metals markets, futures are seeing stellar volumes, with J4 gold futures seeing activity around 70% ahead of average for this time of day, and there's evidence of sizeable spikes in volume at 1445GMT/0945ET (US PMI/BoC), but again at 1503GMT/1003ET (over 400 lots) and again at the daily lows at 1535GMT/1035ET.
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