Gold price hits 13-week low as stock markets rebound

London (May 13)  Gold prices are lower and hit a 13-week low in early U.S. trading Friday. Gold and silver are being hit by technical selling in the futures markets amid fully bearish near-term charts. A rebound in global stock markets amid less risk aversion in the marketplace to end the trading week is also a negative for the safe-haven metals. June gold futures were last down $12.80 at $1,812.20. July Comex silver futures were last down $0.078 at $20.70 an ounce.

Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The U.S. stock indexes are seeing short covering in a bear market after the major indexes hit 12-month lows Thursday. Risk aversion may have down-ticked a bit on this last trading day of the week, but it remains elevated due to the Russia-Ukraine war, Covid in China and rising global inflation.

In overnight news, the crypto currencies, including bitcoin, rallied on corrective bounces after their shellacking earlier this week.

Kitco