Gold, silver down amid bearish outside markets; FOMC looms gold silver FOMC
- Gold and silver prices are lower in midday U.S. trading Monday. A trio of bearish outside markets are pressuring the precious metals today: a firmer U.S. dollar index, solidly lower crude oil prices and a rise in U.S. Treasury yields. The marketplace is a bit quieter just ahead of the U.S. central bank monetary policy meeting and key U.S. inflation reports. August gold was last down $7.80 at $1,969.30 and July silver was down $0.37 at $24.03.
Other important U.S. economic reports out this week include the consumer and producer price index reports for May on Tuesday and Wednesday, respectively. The CPI is forecast up 4.0%, year-on-year, while the PPI is seen down 0.1%, month-on-month. The key outside markets today see the U.S. dollar index firmer and erased overnight losses. Nymex crude oil prices are solidly lower and trading around $67.75 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.776%.
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