Gold, silver see modest price gains on friendly outside-market forces

NEW YORK (June 3) Gold and silver prices are up a bit in early U.S. trading Monday. Amid a lack of fresh, markets-moving news to start the trading week, the precious metals market traders are looking at the key “outside markets” that are leaning friendly for metals prices. The U.S. dollar index is weaker and U.S. Treasury yields have down-ticked. August gold was last up $3.80 at $2,349.60. July silver was last up $0.105 at $30.545.

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

In overnight news, OPEC has agreed to extend its crude oil production cuts in a bid to boost oil prices.

The U.S. data point of the week, if not the month, comes with Friday’s May employment situation report from the Labor Department. The key non-farm payrolls number is seen coming in at up 178,000 versus the April report showing a gain of 175,000 jobs.

The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil prices are near steady and trading around $76.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently 4.49%.

U.S. economic data due for release Monday includes the U.S. manufacturing PMI, the ISM report on business manufacturing, construction spending, the global manufacturing PMI and domestic auto industry sales.

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