Gold and silver prices are lower in midday U.S. trading Thursday, with gold hitting a six-week low and dropping below the key $1,700 level. Silver today scored a more-than-two-year low. Falling crude oil prices, a strong U.S. dollar index and rising U.S. Treasury yields are all bearish elements punishing the metals markets bulls. October gold futures were last down $18.80 at $1,698.10. September Comex silver futures were last down $0.277 at $17.65 an ounce.
There are new reports of major Covid lockdowns in China, the world’s second-largest economy. Reports said 21 million people have been locked down in a major industrial region of the country. Economic data out of China Friday was also dour, with the purchasing managers indexes and housing/property indicators showing weakness. This has prompted concerns of slowing consumer and commercial demand in China, which have pressured raw commodity markets this week, with crude oil leading the way down.
The key outside markets today see Nymex crude oil prices lower and trading around $87.00 a barrel. The U.S. dollar index is solidly higher and hit another 20-year high today. Meantime, the yield on the 10-year U.S. Treasury note is fetching 3.25%. The 2-year U.S. Treasury note yield hit a 15-year high today. The inverted yield curve is another clue suggesting a U.S. economic recession is imminent.
At Great Adventure in Jackson,N.J Incredible to see alot of places closed food courts, guest services ect.Have never seen it this bad. Inflation hitting at our pockets. Family of 4 +parking $290.00 without food.Its only a matter of time before the metals reverse!!! I'm all in!
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