Corrective price pullbacks in gold, silver amid as-expected U.S. CPI gold silver CPI
- Gold and silver prices are are lower in early U.S. trading Tuesday, on routine downside price corrections following strong gains posted Monday. The general marketplace has breathed a slight sigh of relief following a U.S. inflation report that did not come in hotter than expected amid the current financial turmoil. April gold was last down $3.60 at $1,913.00 and May silver was down $0.198 at $21.71.
Global stock markets were mostly lower overnight, while U.S. stock indexes are pointed toward higher openings when the New York day session begins. Trader and investor anxiety is still elevated Tuesday, following late last week’s collapse of Silicon Valley Bank , the sixteenth largest bank in the U.S. The reverberations of the bank failure are still present in the marketplace and will likely continue to be for at least the next few days.
The U.S. Treasury market has stabilized. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.605%. Another surge in U.S. T-Bond and T-Note prices would suggest a surge in marketplace worry and anxiety. The U.S. 2-year Treasury note on Monday surged to the largest daily price gain since the stock market meltdown in 1987.
Other U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and chain store retail sales indexes and the NFIB small business index.
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