Gold price a bit firmer; bulls have the advantage

(Kitco News) - Gold and silver prices are trading slightly higher in early morning dealings Wednesday. The gold market bulls have the slight overall near-term technical advantage and that’s inviting some chart-based buying from the shorter-term traders. Keener risk aversion in the marketplace this week is adding some support the gold and silver markets, on safe-haven demand. October gold futures were last up $1.30 at $1,787.00 and September Comex silver was last up $0.071 at $23.73 an ounce.

Global stock markets were mixed overnight, with Asian shares mostly down and European shares steady to firmer. The U.S. stock indexes are pointed to lower openings when the New York day session begins. Risk-off attitudes are keener at mid-week. The surging coronavirus delta strain is keeping traders and investors more tentative, especially heading into what history shows can be the rough months of September and October for the stock markets. Tuesday’s U.S. retail sales report was weaker than expected, with the spreading virus possibly to blame.

Federal Reserve monetary policy and the likely tapering of the central bank’s bond-buying program are near the front burner of the marketplace. This afternoon’s minutes from the last FOMC meeting in July will be parsed for any further clues on the timing of policy moves by the Fed. Many market watchers believe the Fed will start tapering this fall. Next week’s annual Jackson Hole Fed symposium is likely to see some clarification on the Fed’s monetary policy and the timing of any upcoming actions by the Fed.