Gold And Silver Prices Drift Lower In Lackluster Summertime Trading

New York (July 23)  Gold and silver prices are moderately lower in early-afternoon U.S. trading Monday. Both metals are not far above last week’s 12-month lows. The key “outside markets” were bearish for the precious today as the U.S. dollar index was firmer and crude oil prices were weaker. Also, the technical postures for gold and silver markets remain fully bearish on a near-term basis. August gold futures were last down $5.20 an ounce at $1,225.90. September Comex silver was down $0.134 at $15.415 an ounce.

World stock markets were mixed to mostly lower today. U.S. stock indexes were slightly higher in afternoon dealings. The world stock markets showed just a mildly bearish reaction to President Trump’s tweet late Sunday warning Iran not to threaten the U.S. or that country would suffer grave consequences. Safe-haven gold and silver markets saw no significant reaction to the tweet.

U.S. economic data due for release Monday included the Chicago Fed national activity index and existing home sales. Neither report moved the markets, amid lackluster summertime trading, when many traders are thinking more about their upcoming family vacations than they are the markets.

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