(Kitco, Thursday, June 13th, 2019) – Gold prices are modestly higher in early morning U.S. trading Thursday, supported on some safe-haven buying interest on news overnight of another attack on ships in the Persian Gulf region. August gold futures were last up $2.80 an ounce at $1,339.60. July Comex silver prices were last up $0.037 at $14.79 an ounce.
The marketplace is a bit uneasy Thursday after reports more ships in the Persian Gulf area (this time in the Gulf of Oman) being attacked by smaller gunboats. U.S. Navy ships are reportedly now protecting some oil tankers in the region. Oil prices are solidly higher today on the news. Right now tensions in markets are not real high, but this situation could deteriorate quickly if Iran and the U.S. have a direct military confrontation.
European and Asian stock indexes were mostly firmer overnight. The U.S. stock indexes are also pointed toward modestly higher openings when the New York day session begins. Notions of more accommodative monetary policies from the world’s major central banks, amid generally very low inflationary pressures globally, are supporting world stock markets recently.
The key “outside markets” today see Nymex crude oil prices solidly higher and trading around $53.25 a barrel, on the Oman Gulf news. Still, worldwide supply and demand fundamentals for crude oil favor the bears. Meantime, the U.S. dollar index is near steady in early U.S. trading.