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June 8, 2022
Price pressure on gold, silver as greenback surging

(Kitco News) – Gold and silver futures prices are trading lower in early U.S. dealings Thursday, due in part to a strengthening U.S. dollar index that hit a two-month high overnight. Gold prices hit a two-week low. Also, the U.S. stock market bulls have made a strong recovery this week as the indexes are trading near their recent record highs—a negative for the safe-haven metals.

April gold futures were last down $15.30 at $1,819.60 and March Comex silver was last down $0.244 at $26.635 an ounce. Global stock markets were mixed overnight, with Asian shares mostly down and European shares slightly up. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins and have made strong recoveries after the recent declines. U.S. stock index prices are near their recent record highs as trader/investor risk sentiment is upbeat this week. The Biden administration is working to get fresh stimulus funds to Americans and such will likely occur in the coming weeks. In overnight news, the United Nations’ Food and Agriculture Organization said its food price index rose to the highest level in nearly seven years. That’s another early clue that consumer and producer price inflation could heat up in the…