Gold and silver prices firmer amid quieter geopolitical front

New York (Jan 16)  Gold and silver prices are modestly up in early U.S. futures trading Thursday. The safe-haven metals are faring pretty well late this week, amid keener risk appetite that sees the U.S. stock indexes at or near record highs and a world scene that is presently void of major trouble spots. February gold futures were last up $2.30 an ounce at 1,556.20. March Comex silver prices were last up $0.032 at $18.02 an ounce.

Asian and European stock markets were mixed in uneventful dealings overnight. U.S. stock indexes are pointed toward higher openings and at or near record highs when the New York day session begins. With the U.S.-China partial trade deal signed and the geopolitical front quieter this week, focus among stock market traders is on earnings reports, which have been generally upbeat. The Dow Jones Industrial average, arguably the most closely watched stock index among the general public, closed above 29,000 for the fist time ever on Wednesday. This writer remembers working on the trading floor of the Chicago Mercantile Exchange in Chicago in the spring of 1985, and the Dow at that time pushed above 1,300.00 for the first time ever.

The key U.S. data point of the day Thursday will be the retail sales report for December, as traders and investors will get a better read on the holiday shopping season. Retail sales are seen up 0.3% from November.

The key outside markets today see crude oil prices slightly down and trading around $57.75 a barrel. The U.S. dollar index is modestly down early today.

Other U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, import and export prices, manufacturing and trade inventories and Treasury international capital data.

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