Abstract
Using intraday data, it is possible to 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. Also, 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, Business Inventories, and Construction spending are also noted.