(Kitco News) - Gold prices are modestly up and silver prices are higher and hit a three-week peak in early U.S. trading Wednesday.
More short covering by the futures traders and perceived bargain hunting are featured in the two precious metals. The technical posture for silver has significantly improved this week, which is inviting chart-based speculators to the long side of that market. December gold was last up $6.80 at $1,932.70 and September silver was up $0.41 at $23.86.
In overnight news, the Euro zone composite purchasing managers index for August came in at 47.0, compared to a consensus forecast of 48.8 and the July reading of 48.6. A reading below 50.0 suggests contraction. The key outside markets today see the U.S. dollar index higher, while Nymex crude oil futures prices are lower and trading around $78.75 a barrel. The benchmark U.S. Treasury 10-year note is presently fetching 4.265%.
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