- Gold and silver prices are higher near midday Wednesday, boosted by some safe-haven buying just ahead of U.S. lawmakers voting to extend the U.S. government's debt limit. While the majority of the marketplace expects the debt deal to pass both the U.S. House and Senate, there is just uncertainty over the outcome to produce some trader and investor anxiety. Falling U.S. Treasury yields this week are also working in favor of the gold and silver market bulls. August gold was last up $10.
Traders at mid-week are also 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 U.S. economic data pace picks up the rest of this week, highlighted by the U.S. employment situation report from the Labor Department on Friday morning.
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