Gold firmer amid rallying crude oil, bullish charts gold silver crudeoil
- Comex gold futures prices are moderately up in midday U.S. trading Monday. Silver prices are near steady. The key outside markets are friendly for the precious metals to start the trading week, as the U.S. dollar index is a bit weaker and crude oil prices are solidly higher. However, gains in the precious metals are being limited by a rise in U.S. Treasury yields today. The technical charts remain solidly bullish for gold and silver. June gold was last up $11.10 at $2,035.
President Biden on Tuesday will meet with House Speaker Kevin McCarthy and other congressional leaders to discuss raising or suspending the U.S. debt ceiling, setting the stage for a current standoff between the President and House Republicans. Biden’s invitation came after Treasury Secretary Janet Yellen notified lawmakers last week that the U.S. could default on its debt as early as June 1 if Congress does not raise or suspend the debt limit before that time.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are solidly higher and trading around $73.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.48%.
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