NEW YORK (Kitco News) - Gold and silver prices were moderately higher in early U.S. trading Friday. Some short covering in the futures market and some bargain hunting in the cash market were featured heading into the weekend. August gold futures were last up $9.30 at $1,785.70 and July Comex silver was last up $0.23 at $26.28 an ounce.
On tap this morning in the U.S. is the personal income and outlays report for May, which is seen down 2.7% from April. The PCE price indexes will be closely watched for their inflation implications, as it’s been said the Federal Reserve very closely follows those indexes. The PCE core price index is expected to come in up 3.4%, year-on-year versus a reading of up 3.1% in April.
Global stock markets were mostly higher overnight. The U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins and are at or near their record highs. There remains little risk aversion in the global marketplace at present, amid a generally calm geopolitical environment. U.S. traders and investors are more upbeat Friday as President Biden on Thursday announced a bi-partisan infrastructure spending plan. However, the plan still faces hurdles before it becomes law.