Gold Price Pushes to 5-Month High

Date: 15 November 2021 - 21:34

News ID: ۹۶۶۳۳

NEW YORK (Kitco News) - Gold prices were slightly higher in early U.S. trading Monday and did poke to another five-month high. Gold and silver bulls remain in technical control amid near-term price uptrends firmly in place. Fears of rising inflationary pressures are also inviting new buying interest in the hard-asset precious metals. December gold was last up $3.10 at $1,871.50 and December Comex silver was last down $0.046 at $25.30 an ounce.
Global stock markets mostly up in overnight trading. The U.S. stock indexes are pointed to firmer openings when the New York day session begins. Traders and investors are weighing the bullish aspect of upbeat third-quarter corporate earnings reports versus the bearish implications of rising inflationary pressures.
Another worrisome element in the marketplace is rising Covid-19 cases in China and parts of Europe. Some countries are again imposing business and public restrictions, which could crimp economic growth.
In other overnight news, China got some positive economic news when its industrial production in October was reported up 3.5%, year-on-year, which was higher than the 2.8% rise expected. Retail sales in October rose 4.9%, year-on-year—better than the 3.5% rise that was expected.
The key outside markets today see the U.S. dollar index a bit weaker after hitting a 15-month high on Friday. Nymex crude oil prices are lower and trading around $79.75 a barrel. The crude oil market bulls appear to have run out of gas and a market top could be in place. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.553%.
U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey. The data pace picks up speed rapidly on Tuesday.