Technically, December gold futures prices hit a four-week high today. report inflation Thursday morning, with the release of the consumer price index report for October, which is expected to come in up 7.9%, year-on-year, compared to the 8.2% rise seen in the September report. Traders are anxiously awaiting the next U.S. Oil prices have slipped this week on worries of slowing demand from China, due to rising Covid cases there. Nymex crude oil prices are lower and trading around $87.00 a barrel. The key outside markets today see the U.S. Still, if history proves correct, a divided Congress that cannot pass new legislation does favor the stock market bulls.
However, several key races in both the House and Senate have not been decided, and which could still tip the scales. It appears the Republicans will have a slight majority in the House of Representatives, but the Democrats appear to be keeping control of the Senate. mid-term elections proved pollsters wrong as there was no "Republican wave" of victories. Global stock markets were mostly lower overnight. When a crisis of confidence occurs, traders and investors all running for the exit door at the same time creates a severe liquidity crunch. The cryptos are still shaky Wednesday, in the aftermath of Tuesday's jolt. The crypto exchange FTX suffered a major liquidity crisis and had to be absorbed by its bigger rival Binance. The marketplace is still buzzing about the turmoil in the crypto currency markets on Tuesday that spilled over into safe-haven buying in gold and silver. December gold was last up $1.00 at $1,717.00 and December silver was down $0.102 at $21.39. Gains in the metals today were limited by a higher U.S. Some safe-haven demand has been featured in the precious metals markets the past day or so, as the crypto currency markets have become very wobbly.
The bulls still have technical momentum to suggest more price upside in the near term. ( Kitco News) - Gold and silver prices are holding close to steady price levels in midday U.S. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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