- Gold and silver prices are sharply lower at midday Monday, with December gold futures hitting a 10-month low and December silver futures a 6.5-month low. A strong U.S. dollar that hit a 10-month high today and rising U.S. Treasury yields that are at a 16-year high are firmly bearish outside market elements hammering the precious metals markets lower. December gold was last down $17.50 at $1,848.70 and December silver was down $0.94 at $21.505.
Risk attitudes are more upbeat to start the trading week and that’s also a negative for the safe-haven gold and silver markets. In a last-minute effort to prevent a U.S. government shutdown, President Biden over the weekend signed into a law a stopgap measure to fund the federal government for 47 more days, through Nov. 17. Most of the marketplace figured the government would shut down over the weekend.
China got some slightly upbeat economic data over the weekend as its factors in September reported their first expansion in activity since the spring. China’s manufacturing purchasing managers index came in at 50.2 in September from 49.7 in August. A reading above 50.0 suggests expansion. The metals markets ignored that somewhat friendly news, which suggests demand for metals from the world’s second-largest economy may start to uptick.
The other key outside markets today sees Nymex crude oil prices lower and trading around $89.50 a barrel. Meantime, the benchmark `U.S. Treasury 10-year note yield is presently fetching 4.695%--the highest since 2007.
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