Gold, silver down as USDX rallies, crude oil drops, bond yields up-tick gold silver Jobreport
- Gold and silver prices are lower near midday Wednesday. Early safe-haven buying of the precious metals following a surprise downgrade of U.S. government debt gave way to selling pressure from a rally in the U.S. dollar index to a three-week high, a rise in U.S. Treasury yields and a sell off in the crude oil market. December gold was last down $6.80 at $1,972.00 and September silver was down $0.491 at $23.84.
Today’s U.S. ADP national employment report for July showed a much-larger-than-expected gain of 324,000 workers; the number expected to come in at up 175,000 and compares with a gain of 497,000 in the June report. The stronger reading also likely put some downside price pressure on the gold and silver markets, as the data fell into the camp of the U.S. monetary policy hawks, who want to see more interest rate increases from the Federal Reserve.
The key outside markets today see the U.S. dollar index solidly higher and at a three-week high. Nymex crude oil prices are lower and trading around $79.75 a barrel after hitting a nine-month high early on today. A Wall Street Journal story today has the headline: Oil prices perk up as recession worries ebb and supply tightens.” Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.124%.
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