Mild pressure on gold & silver at mid-week

(Sept 15) Gold and silver prices are modestly weaker in subdued early U.S. trading Wednesday. The two precious metals markets are languishing at mid-week, with the bulls needing a fresh fundamental spark to ignite their enthusiasm. October gold futures were last down $1.30 at $1,803.70. December Comex silver was last down $0.065 at $23.82 an ounce.

Global stock markets were mostly weaker in overnight trading. The U.S. stock indexes are pointed to modestly higher openings when the New York day session begins. There is less risk aversion in the marketplace so far this week, half-way through what can be the tumultuous month of September.  

In overnight news, China’s industrial output in August was reported up 5.3%, year-on-year, which was slightly below market expectations.

The key outside markets today see the U.S. dollar index lower again. Nymex crude oil futures prices higher, hit a six-week high, and are trading around $71.50 a barrel.  Oil prices have been rising recently as Hurricane Ida’s aftermath sees around 40% of crude oil production in the Gulf of Mexico still off-line, with 48% of natural gas production off-line. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.28%.  

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the Empire State manufacturing survey, import and export prices, industrial production and capacity utilization, and the weekly DOE liquid energy stocks report.

Kitco