Gold and silver prices constrained by lower risk aversion

January 22, 2020

New York (Jan 22)  Gold and silver prices are steady to slightly down in early U.S. futures trading Wednesday. The safe-haven metals continue to be hamstrung by mostly upbeat trader and investor attitudes at mid-week, as evidenced by U.S. stock indexes hitting more record highs overnight. February gold futures were last down $2.00 an ounce at 1,555.80. March Comex silver prices were last up $0.007 at $17.815 an ounce.

Asian and European stock markets were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.

 Focus at mid-week is on the World Economic Forum annual meeting in Davos, Switzerland. President Trump, in an interview with CNBC, said U.S. economic growth has been hamstrung by the Federal Reserve keeping interest rates too high, and by the grounded Boeing jetliner situation. Trump also threatened new trade tariffs on European countries that manufacture automobiles.

 The global marketplace is keeping an eye on China health officials battling a coronavirus that has killed at least six with hundreds more afflicted, and is rapidly spreading. A case was reported in the Seattle, Washington area Tuesday. 

The markets are so far paying very little attention to the impeachment of President Trump. The U.S. Senate this week is holding hold Trump’s trial.

The key outside markets today see crude oil prices down and trading around $58.00 a barrel. The U.S. dollar index is slightly up early today.

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the weekly Goldman Sachs and Johnson Rebook retail sales reports, the Chicago Fed national activity index, the monthly house price index and existing home sales.


Silver Phoenix Twitter                 Silver Phoenix on Facebook