Gold and Silver Prices Slip as Outside Markets Weigh on Precious Metals
Gold and silver prices are lower today due to the influence of several outside markets, including a stronger U.S. dollar index, lower crude oil prices, and higher U.S. Treasury yields. As the U.S. heads towards the Federal Reserve’s monetary policy meeting and key inflation reports, August gold is currently valued at $1,969.30 after decreasing by $7.80 and July silver fell by $0.37 to $24.03.
The FOMC at the Federal Reserve is scheduled to meet and provide a statement and press conference with Fed Chairman Powell this week, which may indicate whether the Fed will continue its interest-rate-tightening cycle or pause. U.S. economic reports will also be released for consumer and producer price indices throughout the week.
Even though Asian stock markets varied overnight and European stock indexes performed better, U.S. stock indexes are performing well today.