Gold price firmer amid bullish outside markets

(Kitco News) - Gold and silver prices are modestly up in early U.S. trading Tuesday. The precious metals markets are mildly supported on this day by friendly outside markets that include a weaker U.S. dollar index and higher crude oil prices. Trading remains subdued ahead of the key FOMC meeting. December gold was last up $3.40 at $1,957.00 and December silver was up $0.117 at $23.615.

Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to slightly firmer openings when the New York day session begins.

The main event for the marketplace this week will be the Federal Reserve’s Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. Most look for the FOMC to stand pat on U.S. monetary policy, but still sound a hawkish tone. Reads a Wall Street Journal headline today: “Strong growth, rising oil prices pose risks to Fed’s soft landing.”