Gold, silver bulls regain their footing as U.S.-China trade AM-PM Roundup
Gold, silver bulls regain their footing as U.S.-China trade deal inked
Jim Wyckoff Wednesday January 15, 2020 13:21 Kitco NewsShare
Gold and silver prices are higher and near their daily highs in midday U.S. futures trading Wednesday. The metals are seeing good rebounds following recent selling pressure. A lower U.S. dollar index today did work in favor of the precious metals market bulls. February gold futures were last up $9.90 an ounce at 1,554.50. March Comex silver prices were last up $0.258 at $18.00 an ounce.
The marketplace at mid-week was focused on the U.S.-China partial trade agreement that was just signed at midday Wednesday in Washington, D.C. China has pledged to buy $200 billion in U.S. goods over the next two years. The U.S.-China partial trade deal is expected to boost global economic growth in 2020, and that can be read as bullish for the metals and the raw commodity sector as it suggests better global demand.
The geopolitical front remains calm, which is bearish for the safe-haven metals and is allowing continued flow of investor funds into equities markets. The U.S. stock indexes have hit new record highs this week.