Price pressure on gold amid better risk appetite in marketplace

NEW YORK (July 9) Gold and silver prices are lower in early U.S. trading Wednesday. Less risk aversion in a quieter, summertime trading atmosphere at present is bearish for the safe-haven metals. Gold and silver markets bulls need a new spark to ignite price rallies. August gold was last down $21.20 at $3,295.70. September silver prices were last down $0.064 at $36.685.

Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to slightly higher openings today in New York. Risk aversion in the general marketplace receded recently amid a calmer geopolitical atmosphere and amid notions the U.S. is taking a more measured approach to any new trade tariffs.

The U.S. data point of the day is the early afternoon release of the minutes from the last FOMC meeting of the Federal Reserve. Traders will glean the minutes in an effort to extract any new clues on the trajectory of U.S. monetary policy.

The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are slightly up and trading around $68.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.407%.  

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, monthly wholesale trade and the weekly DOE liquid energy stocks report.

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