- Gold and silver prices are modestly down in quieter early U.S. trading Monday and hit six-week lows overnight. Gold and silver bulls remain squeamish as U.S. Treasury bond yields have been rising and the U.S. dollar has been appreciating on the foreign exchange markets. The bearish near-term technical postures for both metals favor the bears, which is also inviting chart-based speculators to the short sides of the two metals. December gold was last down $5.60 at at $1,940.
There is more dour economic news coming out of China. The Country Garden Holdings property firm is reportedly in financial trouble. The firm is the largest privately held property developer in China. The Chinese offshore yuan has weakened and is near its low for the year against the U.S. dollar, at 7.28. China's stock market sold off Monday on the Country Garden news.
In other news, Goldman Sachs economists are now forecasting the Federal Reserve will hold steady on its monetary policy until the second quarter of 2024, when at that time they expect the Fed to make an interest rate cut. There is no major U.S. economic data due for release Monday, but the data pace picks up rapidly Tuesday.
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Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
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