- Gold prices are trading around unchanged in early U.S. dealings Wednesday. The bulls are impressed their yellow metal is holding up well in the face of bearish outside markets that include a higher U.S. dollar index and slumping crude oil prices. Falling U.S. Treasury yields this week are working in favor of the gold and silver market bulls. August gold was last up $1.00 at $1,978.10 and July silver was up $0.201 at $23.44.
Traders at mid-week are focusing on weaker-than-expected economic data coming out of China. China's factory activity contracted for the second straight month. The official purchasing managers index for May dropped to 48.8 after a reading of 49.2 in April. A reading below 50.0 suggests contraction in the sector. A report in the Wall Street Journal today said"China's era of rapid growth is over. Its recovery from zero-Covid is stalling.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are lower, hit a nearly four-week low, and are trading around $68.00 a barrel. Concerns about weaker global energy demand have hit crude oil hard this week. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.646%.
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