- Gold prices are sharply up and silver near steady near midday in the U.S. Wednesday. Both metals scored five-week highs today on safe-haven demand. Fears of a global banking/financial crisis are growing at mid-week. April gold was last up $18.80 at $1,929.80 and May silver was up $0.05 at $22.09.
The European Central Bank meets Thursday and was expected to raise its main interest rate by 50 basis points. However, the shaky banking sector in the Euro zone at present may at the last minute alter the ECB's plans. The Federal Reserve's FOMC meets next week and there is a hot debate in the marketplace regarding whether the Fed will raise its main interest rate by 25 basis points, or stand pat amid the U.S. banking crisis.
The key outside markets today see the U.S. dollar index sharply higher. Nymex crude oil futures prices are sharply down and hit a 15-month low, currently trading around $67.50 a barrel.
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