Gold prices are moderately higher early U.S. trading Wednesday. Steady-to-weaker world stock markets today are helping to lift the competing asset class precious metals. August Comex gold was last up $7.90 an ounce at $1,253.70. July Comex silver was last up $0.211 at $16.585 an ounce.
World stock markets are seeing some selling pressure from swooning energy sector stocks due to falling crude oil prices recently. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.
Besides the recent slump in crude oil prices, another feature in the marketplace this week has been falling world government bond yields. Earlier this year many analysts and market watchers were looking for rising inflationary pressures to put central bank monetary policies back into more traditional postures regarding their interest rates. However, at mid-year most inflation numbers around the world have either held steady or even backed off a bit.
The key “outside markets” on Thursday morning see Nymex crude oil futures prices firmer on a tepid short-covering bounce after hitting a 14-month low on Wednesday. The oil market bears have the solid overall near-term technical advantage as prices are trading below $43.00 a barrel. Meantime, the U.S. dollar index is near steady early today. The index has stabilized this week and that’s good news for the greenback bulls.
U.S. economic data due for release Thursday include the weekly jobless claims report, the monthly house price index, leading economic indicators, and the Kansas City Fed manufacturing survey. The Federal Reserve also releases its stress test results on some big banks.
Source: Forbes
