Gold, Silver Prices Down Amid Return of Risk Appetite

New York (Apr 17)  Gold and silver prices are lower in early U.S. trading Tuesday. The safe-haven metals are pressured by more robust trader and investor risk appetite in the marketplace early this week, as evidenced by rallying world equities markets.
 June Comex gold futures were last down $5.70 an ounce at $1,345.00. May Comex silver was last down $0.047 at $16.63 an ounce.

World stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Focus has turned from geopolitics to generally strong global corporate earnings reports.

Still, U.S.-Russia-Syria tensions have not just disappeared. This matter will continue to limit the downside in gold and silver markets in the near term. And any flare-up in the situation would likely quickly boost the metals. The Group of Seven industrial nations (G-7) on Tuesday came out with a statement that supported the U.S.-led missile strikes on Syria and condemned the use of chemical weapons in warfare.

In other overnight news, China’s annual economic growth came in at 6.8% in the first quarter, which was slightly higher than expected and on pace with 2017’s gross domestic product growth rate. This is good news for precious metals market bulls, as China is a major metals importer.

The key “outside markets” on Tuesday morning see the U.S. dollar index trading near steady. Nymex crude oil prices are also near steady and trading just above $66.00 a barrel.

U.S. economic data due for release Tuesday includes new residential construction, the weekly Johnson Redbook and Goldman Sachs retail sales reports, and industrial production and capacity utilization.

Reut