Gold price loses healthy daily gains, but silver bulls hit the gas

(Kitco News) - Gold futures prices are near steady in midday U.S. trading Monday and lost solid early gains. The U.S. stock indexes hitting record highs today and a rebound in the U.S. dollar index hit the gold market as the session progressed. Yet silver forged ahead and futures prices are poised to close at a 13-week-high close today. February gold futures were last down $2.40 at $1,880.90 and March Comex silver was last up $0.642 at $26.55 an ounce. 

Global stock markets were mostly up overnight. The marketplace has been buoyed by President Trump in a surprise move over the weekend signing the Covid-19 aid bill that the U.S. Congress agreed upon just before Christmas. The bill provides direct payments to Americans and also loans to U.S. businesses.

Traders and investors are also more upbeat as Covid vaccines continued to be rolled out in the U.S. and Europe. Still the enthusiasm is tempered by the pandemic that continues to be out of control in the U.S., Europe and other parts of the world. Some health experts are saying January will be the worst month yet, as far as the human toll. Restrictions on many businesses in many locations remain in place and may get tighter in January.