Gold, Silver See Price Gains as Covid-19 Rages in U.S.

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Nov 13, 2020 11:18 NY TimeKitco 10AM Silver Fix

(Kitco News, Friday. Nov. 13th 2020) –  Gold and  silver futures prices are higher in early U.S. trading Friday, on safe-haven demand heading into the weekend and as the Covid-19 pandemic is out of control in the U.S. The precious metals are also seeing some support from a weaker U.S. dollar index on this day. December gold futures were last up $13.20 at $1,886.60 and December Comex silver was last down $0.444 at $24.76 an ounce. 

Global stock markets were mixed to lower overnight, while U.S. stock indexes are pointed toward higher openings when the New York day session begins. The marketplace has seen risk appetite dented late this week as the Covid-19 pandemic is raging in the U.S. and Europe. Families are facing the grim reality of spending the upcoming holidays apart. 

A survey by Central Banking and Invesco says the Covid-19 pandemic has led to 23% of world central banks seeing gold as a more attractive asset, while the remaining 77% responded their view on gold had not changed. Central bankers generally expect their gold holdings to increase over the next year. General public investor demand for gold has been robust this year as the investing public still sees bullion as a safe-haven asset, the report said.

U.S. Treasury bond and note yields have backed off a bit Friday after rising to eight-month highs earlier this week. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.88% after pushing closer to 1.0% this week. 

The  U.S. dollar index is weaker early today. The other important outside market sees crude oil prices lower and trading around $40.50 a barrel. 

U.S. economic data due for release Friday includes the producer price index, and the University of Michigan consumer sentiment survey.