Gold and silver prices are moderately higher in early U.S. trading Tuesday, on some short covering in the futures markets and perceived bargain-basement buying in the cash markets. Gold hit a 12-month low overnight and silver scored a 6.5-month low on Monday. The key “outside markets” are also in a bullish daily posture for the precious metals markets today, as the U.S. dollar index is lower and crude oil prices are higher. August gold futures were last up $7.10 an ounce at $1,248.80. July Comex silver was last up $0.14 at $15.975 an ounce.
Reports overnight said Monday’s trading in gold exchange traded funds saw the largest outflow of money from those funds since late March. Gold and silver bulls remain stymied by their metals’ inability to rally in the face of the threat of a global trade war and some fresh instability in the European Union.
World stock markets were mixed to higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins.
European stock markets were assuaged today on news that German Chancellor Merkel has apparently avoided a political crisis by coming to agreement with other German lawmakers regarding immigration laws.
In other overnight news, the Euro zone’s producer price index in May was reported up 0.8% from April and up 3.0%, year-on-year. Those numbers were a little higher than expected.
via Gold, Silver Prices Rebound From Multi-Month Lows | Kitco News
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