(Kitco) April 18th, 2019 – Gold and silver prices are not far from unchanged levels in early U.S. action Thursday, following some just-issued U.S. economic data that was better than market expectations. Gold prices touched a fresh four-month low overnight. June gold futures were last down $0.40 an ounce at $1,276.50. May Comex silver was last down $0.009 at $14.93 an ounce.
U.S. economic data just out showed jobless claims fell by 5,000 in the latest reporting week. Also, March U.S. retail sales beat expectations and came in at up 1.6%. Gold and silver prices initially down-ticked a bit on the reports’ releases but have since moved back to near unchanged levels on the day.
Asian and European stock indexes were mixed to weaker overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.
The marketplace, especially the FOREX sector, is keeping a very close eye on the Turkish lira, which has weakened significantly against the U.S. dollar recently. There are concerns about Turkey’s low foreign currency reserves that would have to be used to defend the lira in case speculative FOREX traders mounted a selling attack on it.
The U.S.-China trade negotiations are continuing and apparently the world’s two largest economies are moving closer to a final agreement. There is talk in the marketplace that President Trump and Chinese President Xi Jinping could meet next month to seal the deal.
The key outside markets today find the U.S. dollar index higher, as the Euro currency is pressured by some weak manufacturing data coming out of the Euro zone today. Meantime, Nymex crude oil prices are slightly down and trading around $63.75 a barrel.
It’s a busy day for U.S. economic reports due for release Thursday, including the weekly jobless claims report, the Philadelphia Fed business survey, retail sales, the flash U.S. services and manufacturing purchasing managers indexes, manufacturing and trade inventories, and leading economic indicators.
posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com