Gold, silver sink as USDX rallies, crude dips; Powell on deck gold silver Powell
- Gold and silver prices are solidly lower in midday U.S. trading Tuesday, feeling the pressure of a higher U.S. dollar index and lower crude oil prices on this day. August gold was last down $23.40 at $1,947.90 and July silver was down $0.891 at $23.235.
Part of the U.S. dollar’s strength today can be attributed to a much-stronger-than-expected U.S. housing market report showing May housing starts up 21.7% and building permits up 5.2%. In overnight news, China again slightly eased its monetary policy by lowering two key lending rates by 10 basis points. The rate reductions were deemed by China watchers as less than expected.
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