Gold sees routine downside correction Tuesday gold silver CPI
- Gold prices are weaker in midday U.S. trading Tuesday, on a normal downside correction following strong gains posted Monday. Silver prices are a bit higher today and hit a three-week high. The general marketplace breathed a slight sigh of relief following a U.S. inflation report today that did not come in hotter than expected amid the current financial turmoil. April gold was last down $7.20 at $1,909.30 and May silver was up $0.052 at $21.98.
Global stock markets were mostly lower overnight, while U.S. stock indexes are solidly higher at midday. Trader and investor anxiety is less elevated Tuesday, following late last week’s collapse of Silicon Valley Bank , the sixteenth largest bank in the U.S. However, 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 key outside markets today see the U.S. dollar index slightly firmer after a steep two-session downdraft. Nymex crude oil futures prices are lower and trading around $74.00 a barrel. Crude has been hit this week by worries about declining global demand amid the financial turmoil and its lingering implications.
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