Daily Resources Overview
Gold prices are moderately higher in midday U.S. trading Thursday. Some short covering in the futures market and perceived bargain hunting in the cash gold market were featured in U.S. trading today, following some mild weakness overnight. Gains in gold and silver were tempered today as there was a bit of risk appetite back in the world marketplace. Global equity markets saw mild recoveries from selling pressure seen earlier this week. June gold futures were last up $5.10 an ounce at $1,291.40. July Comex silver prices were last up $0.064 at $14.475 an ounce.
This morning’s key U.S. economic data point so far this week saw the second estimate of first-quarter gross domestic product up 3.1% versus the first estimate of up 3.2%. The latest GDP number was expected to grow 3.0%, year-on-year. Markets showed little reaction to the report.
European stock markets were mostly up overnight on corrective bounces from recent selling pressure. Asian stocks were mostly down, on continued worries about slowing global economic growth amid the U.S.-China trade war that shows no sign of ending any time soon. U.S. stock indexes are modestly up at midday, after hitting 2.5-month lows on Wednesday.
Escalating rhetoric from the U.S. and China suggest diminishing chances the world’s two largest economies will reach any trade agreement before the G-20 meeting in Japan on June 28-29.
The key “outside markets” today see the U.S. dollar index trading near steady following good gains so far this week that have the index trading near its recent two-year high. Meantime, Nymex crude oil prices are lower and trading around $57.50 a barrel. Oil hit a three-month low Wednesday and prices are trending lower on the daily chart.