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Gold Up, Hits 3.5-Mo. High

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Gold Up, Hits 3.5-Mo. High, As Stock Markets, U.S. Dollar Weaken

Friday February 24, 2017 08:19

 

Kitco News

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(Kitco News) - Gold prices are higher and scored another 3.5-mongh high in early U.S. trading Friday. Silver prices have also hit another 3.5-month high today. The metals’ competing asset class, world stock markets, were mostly lower overnight, on corrective and profit-taking pullbacks from recent gains that put many of the indexes at multi-month, multi-year or record highs. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The U.S. indexes hit record highs this week and are on an extended bull run that is well overdue for a good downside correction. April Comex gold was last up $6.70 an ounce at $1,258.20. March Comex silver was last up $0.203 at $18.32 an ounce.

Talk in the marketplace late this week of U.S. tax reforms that won’t come as soon as some had expected has also dented world trader and investor enthusiasm a bit Friday. \\

That’s bullish for safe-haven gold.

The key “outside markets” on Friday morning find the U.S. dollar index modestly lower on a downside correction. The dollar index is still in a fledgling price uptrend on the daily chart. Meantime, Nymex crude oil futures prices are also weaker today, following a rise in U.S. stockpiles of crude to record levels, reported Thursday. Oil prices are still in a sideways and choppy trading range that has bound that market for weeks.

U.S. economic data due for release Friday includes the University of Michigan consumer sentiment survey and new residential sales.

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