Gol dnd silver see steady price action, awaiting fresh inputs

New York (Oct 27)  Gold and silver prices are not far from unchanged in early U.S. trading Wednesday. Traders are awaiting new fundamental developments to move the precious metals markets. December gold futures were last up $0.10 at $1,793.50. December Comex silver was last down $0.013 at $24.075 an ounce.

Global stock markets were mostly weaker in overnight trading. The U.S. stock indexes are pointed to slightly lower openings when the New York day session begins. The major U.S. stock indexes this week have hit record highs. The indexes have made impressive recoveries from their early-October lows. Traders and investors remain upbeat amid third-quarter corporate earnings reports that are mostly beating market expectations. There are storm clouds on the horizon, however. China’s economic growth has slowed as the world’s second-largest economy deals with an overheating housing sector, resurgent Covid-19 cases in some regions, and an energy crisis that has produced shortages of some key raw materials—not only in China but also in nations that China supplies with those materials.

Tensions between the U.S. and China have up-ticked at mid-week, following reports the U.S. banned China’s biggest telecommunications operator, China Telecom, from doing business in the U.S.

The key outside markets today see the U.S. dollar index slightly lower. Crude oil prices are lower and trading around $83.60 a barrel. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.591%.  

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, durable goods orders, the advance economic indicators report, and the weekly DOE liquid energy stocks report.

KitcoNews