Gold Price Weaker Amid Better Risk Appetite in World Marketplace
New York (Aug 9) World stock markets were mostly higher overnight, boosted in part on reports the OPEC oil cartel will hold an informal meeting in late September. Equities were supported on ideas OPEC could move at that time to curtail their crude oil production levels. Crude oil prices are in a two-month-old slump and last week briefly dropped below $40.00 a barrel. Risk appetite in the world marketplace has been on the upswing the past couple weeks, and that's bullish for stock markets and bearish for safe-haven assets like gold and U.S. Treasuries. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.
Spot gold was down $2 to $1,332, while spot silver slipped 7 cents to $19.68.