Gold bulls squelched by keener trader/investor risk appetite

NEW YORK (June 30) Gold prices are slightly up and silver prices are modestly lower in early U.S. trading Monday. Gold hit a five-week low overnight. Risk-on trading attitudes are prevalent to start the U.S. holiday-shortened trading week, and that’s bearish for the safe-haven metals. August gold was last up $5.40 at $3,293.00. July silver prices were last down $0.242 at $35.795.

Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to firmer openings today in New York, with the Nasdaq and S&P 500 indexes hitting record highs. Keener trader/investor risk appetite in the general marketplace recently is boosted equities. However, a Barrons headline today reads: “Trump tariffs and inflation could rain on stock markets’ summer surge.” Weekend reports said the U.S. has cut off trade talks with Canada.

Today is the last trading day of the month and of the quarter, making it an extra special trading day for technical traders.

The key outside markets today see the U.S. dollar index weaker and hit a 3.5-year low overnight. Nymex crude oil futures prices are slightly down and trading around $65.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.251%.

U.S. economic data due for release Monday includes the Chicago ISM business survey, and the Texas manufacturing outlook survey. It’s a busy U.S. data dump during this holiday-shortened trading week. Thursday comes the U.S. data point of the week: the employment situation report for June from the Labor Department. U.S. markets are closed Friday for the Independence Day holiday.

KitcoNews