Mild price gains in gold as USDX dips, crude oil firmer
(Kitco News) - Gold prices are slightly higher and silver prices moderately up in early U.S. trading Thursday, supported by a lower U.S. dollar index and firmer crude oil prices on this day. Traders are looking for the next major fundamental input to drive the metals markets, but they may have to wait until next week. August gold was last up $1.70 at $1,960.10 and July silver was up $0.246 at $23.775.
The marketplace is starting to zero in on next week's FOMC meeting of the Federal Reserve. The majority of the marketplace thinks the Fed will pause in its interest-rate-tightening cycle. But now many market watchers think the U.S. central bank will follow the Bank of Canada's recent moves. The BOC this week raised interest rates by 0.25% after a four-month pause. The BOC's move “brings home the reality that a pause needn't be a pivot. It can also be a way to slow down increases while fresh data come in," said a Wall Street Journal story today.