Gold and Silver Declines…
Thursday at lunchtime U.S. trade, the price of gold and silver is declining and getting near to daily lows.
Today’s lack of new fundamental news is accompanied by technical selling in the futures markets. The near-term chart postures for both metals have gotten worse over the past week.
At last check, March silver was down $0.30 at $22.11 and April gold was down $11.50 at $1,879.40.
The precious metals market bears have been modestly supported by Fedspeak this week.
This week, Fed Chairman Jerome Powell and other Fed officials reaffirmed their position that while U.S. inflationary pressures have started to abate, much more work remains to be done by the Fed, which will likely result in additional interest rate hikes at subsequent FOMC meetings.
The U.S. consumer price index report due out next Tuesday is starting to draw attention.
Overnight, most stock indexes around the world were higher.
At lunchtime, U.S. stock indexes are firmer.
-KITCO –
