Gold and silver see price weakness as risk aversion recedes

New York (Dec 6)  Gold and silver prices are weaker in early U.S. trading Monday. The safe-haven metals are seeing modest selling pressure as trader/investor risk attitudes have improved a bit. Solid gains in the crude oil market today are limiting the downside in the metals markets. February gold was last down $4.30 at $1,779.50 and March Comex silver was last down $0.131 at $22.35 an ounce.

Global stock markets were mixed to firmer in overnight trading. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. There is less risk aversion in the global marketplace to start the trading week. Early reports say the Omicron strain of the coronavirus appears to be a milder strain than Delta, but may be more contagious.

In other weekend news, Bitcoin and other crypto currencies saw their prices plunge, with Bitcoin losing over 10% in value at one point. Ideas of a tighter U.S. monetary policy sooner apparently helped to sink the cryptos.

Asian shares were pressured by a big drop of 20% in property giant Evergrande, as that firm warned it could default on some debt payments.

China's central bank has eased its monetary policy slightly by reducing the reserve requirement ratio for its banks.

The key "outside markets&" today see Nymex crude oil prices higher and trading around $68.00 a barrel. The U.S. dollar index is slightly higher. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.388%.

U.S. economic data due for release Monday is light and includes the employment trends index.

Reuters