Gold and silver prices firmer on hopes for better demand

New York (Dec 23)  Gold and silver prices are moderately higher in early U.S. futures trading Monday. Despite the upbeat tenor of the overall marketplace, the safe-haven metals are showing keen resilience and even a bit of bullishness as global stock markets rally. The precious metals traders are apparently focused more on the prospects of better worldwide demand for raw commodities in the coming new year. February gold futures were last up $4.30 an ounce at 1,485.20. March Comex silver prices hit a six-week high overnight and were last up $0.126 at $17.35 an ounce.

Asian and European stock indexes are near steady to slightly up in quieter trading overnight. The U.S. stock indexes are pointed toward slightly higher openings and at or near their record highs when the New York day session begins. Traders and investors are gearing up for the upcoming holidays, including squaring their books as the end of the year approaches, so trading interest and volumes are likely to be lighter the next week or so. Markets are closed Wednesday for the Christmas holiday.

Trader and investor risk appetite remains upbeat heading into the end of the year, as the U.S.-China trade war appears to be winding down. China over the weekend announced plans on January 1 to cut import tariffs on hundreds of products from all of its trading partners. Rhetoric from government officials on both sides has been positive the past couple weeks.

The key “outside markets” today see the U.S. dollar index slightly higher. Meantime, Nymex crude oil prices are near steady and trading around $60.50 a barrel after hitting a multi-month high last week.

U.S. economic data due for release Monday includes durable goods orders and new residential sales.

KitcoNews