Gold prices at 7-week highs, bulls have power

New York (Dec 27)  Gold prices are slightly higher and hit another seven-week highs in early U.S. futures trading Friday. Bullish technicals and notions of better consumer demand for precious metals in the coming new year are driving prices north. February gold futures were last up $0.70 an ounce at 1,515.10. March Comex silver prices were last down $0.08 at $17.91 an ounce.

Asian and European stock indexes were mostly up in overnight trading. The U.S. stock indexes are pointed toward higher openings and at their record highs when the New York day session begins. The safe-haven metals have been very resilient in the face of the competing asset class of stocks being in rally mode the past several weeks.

There has been little markets-moving news in the global marketplace this holiday week. The past several weeks have seen the geopolitical front quiet, which has diminished trader and investor worries and uncertainties, and has allowed world stock markets to continue to drift higher, with some stock indexes, including those in the U.S., hitting record highs. This lull won’t go on indefinitely and veteran market watchers are pondering the next major event to disrupt the calm.

The key “outside markets” today see the U.S. dollar index lower. Meantime, Nymex crude oil prices are slightly up and hit a seven-week high overnight, trading around $61.90 a barrel.

U.S. economic data due for release Friday is light and includes the weekly DOE liquid energy stocks report.

KitcoNews