Do Macroeconomics News Releases Affect

Using intraday data, we document the responses of gold and silver future prices to monthly macroeconomic news releases. Both metals respond strongly to the release of Capacity Utilization. Gold also responds strongly to the release of the CPI. We also find that the release of the Unemployment Rate affects both gold and silver, whereas the Gross Domestic Product and PPI have significant effects on gold. Weak responses by gold to the release of the Federal Deficit and silver to the release of the CPI, Hourly Wages, Busines