Gold, Silver See Modest Corrective Price Rebounds | The Mesh Report

Gold, Silver See Modest Corrective Price Rebounds

The Gold Enthusiast July 7, 2022 Comments Off on Gold, Silver See Modest Corrective Price Rebounds

Gold and silver prices are modestly higher in early U.S. trading Thursday. Mild corrective bounces are seen after gold hit an 8.5-month low and silver a two-year low on Wednesday. A stronger U.S. dollar index that hit a 20-year high this week and down-trending crude oil prices remain bearish elements weighing down the precious metals markets. August gold futures were last up $5.70 at $1,742.00. September Comex silver futures were last up $0.141 at $19.30 an ounce.

Global stock markets were mostly up overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The marketplace has quickly digested Wednesday afternoon’s release of the minutes of the last FOMC meeting. The marketplaces sees a 96% chance the Federal Reserve will raise its key Fed funds rate by 75 basis points at its next FOMC meeting.

In overnight news, U.K. Prime Minister Boris Johnson said he has agreed to resign this fall, over the pandemic partying scandal.

The U.S. data point of the week is Friday’s employment situation report for June. The key non-farm payrolls number is expected to come in up 250,000 compared to the 390,000 rise in the May report.

The key outside markets today see Nymex crude oil prices firmer and trading around $99.50 a barrel. This U.S. holiday-shortened week has still seen Nymex crude fall by around $10 a barrel. The U.S. dollar index is weaker after hitting a 20-year high Wednesday. The yield on the 10-year U.S. Treasury note is fetching 2.954%. The 2-year/10-year note yield curve is presently inverted, which is one clue of impending U.S. recession.

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