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PRECIOUS-Silver slips from 8-year peak as investors book profits

Published 02/02/2021, 09:03 AM
Updated 02/02/2021, 09:10 AM
© Reuters.
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Feb 2 (Reuters) - Silver prices fell more than 2% on Tuesday
as investors booked profits following a rally of as much as
11.2% to a near eight-year peak in the previous session.

FUNDAMENTALS
* Spot silver XAG= was down 1.7% to $28.48 an ounce by
0039 GMT, having hit $30.03 on Monday, its highest since
February 2013.
* Silver prices rocketed as retail investors, egged on by
messages on Reddit, pile into the market in an attempt to push
up prices. * The U.S. Commodity Futures Trading Commission (CFTC) is
"closely monitoring" recent activity in silver markets, the
agency's acting chairman said on Monday, as last week's
volatility in securities markets spilled into trading of the
precious metal. * CME Group Inc CME.O on Monday raised Comex 5000 Silver
Futures margins by 17.9% to $16,500 per contract from $14,000
for February. L1N2K800V
* The retail investment frenzy in silver has left dealers
from the United States to Singapore scrambling for bars and
coins to meet demand. * Spot gold XAU= eased 0.2% to $1,856.86 per ounce. U.S.
gold futures GCv1 shed 0.3% to $1,858.60.
* Top Democrats in the U.S. Senate and House of
Representatives filed a joint $1.9 trillion budget measure on
Monday, in a step toward bypassing Republicans on COVID-19
relief before President Joe Biden met with Republican
senators. * India slashed import duties on gold and silver on Monday
in a surprise move that industry officials say could boost
retail demand and curtail smuggling. * China's gold consumption fell by almost a fifth in 2020,
the China Gold Association said on Monday. * Platinum XPT= declined 1.4% at $1,111.80 and palladium
XPD= shed 0.3% to $2,239.03.

DATA/EVENTS AHEAD (GMT)
0700 UK Nationwide house price Jan
0745 France CPI (EU Norm) Prelim YY Jan
1000 EU GDP Flash Prelim QQ, YY Q4
1200 Brazil Industrial Ouput MM, YY Dec

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