- Gold and silver prices are modestly up in early U.S. trading Thursday, as the precious metals market bulls have stabilized their markets after the recent selling pressure. A dip in the U.S. dollar index and in U.S. Treasury yields today are also working in favor of the metals market bulls. June gold was last up $6.00 at $2,013.30 and May silver was up $0.044 at $25.42.
Said analyst Craig Erlam of OANDA:"We're now at a pivotal point in the tightening cycle, one made all the more difficult by the mini banking crisis last month and the ripple effects it will have on credit and the economy over the course of the rest of the year. Central banks, the Fed in particular, are now at even greater risk of overtightening just as the data may show price pressures easing considerably.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, existing home sales, and leading economic indicators. Several Federal Reserve officials are also scheduled to speak today.
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