Gold price firmer on chart-based buying interest

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Gold prices are modestly higher in early U.S. trading Thursday, as the technical traders continue to flow to the long side of the market due to bullish charts. Silver prices are weaker as the bulls have faded a bit recently. February gold was last up $5.00 at $1,912.00 and March silver was down $0.247 at $23.40.

Global stock markets were mixed but mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The U.S. stock index bulls were derailed Wednesday when U.S. retail sales data came in weaker than expected, which revived notions the U.S. economy could slip into recession in 2023.