Gold price steady-weak amid firmer USDX, U.S. stock indexes

  • 10/12/2021
  • Source: Kitco
  • by: Jim Wyckoff
Gold price steady-weak amid firmer USDX, U.S. stock indexes
(Kitco News) - Gold prices are steady to slightly lower in early U.S. trading Tuesday, giving up modest overnight gains as the U.S. dollar index has moved to its daily high and the U.S. stock indexes have done the same. December gold futures were last down $1.20 at $1,754.50. December Comex silver was last down $0.26 at $22.395 an ounce.

Global stock markets were mixed but mostly lower in overnight trading. The U.S. stock indexes are pointed to slightly higher openings when the New York day session begins. Traders and investors are still a bit nervous as mid-October nears. On the front burner today are concerns about energy supplies heading into the Northern Hemisphere's winter. Said Bloomberg in a morning email dispatch: Shortages of coal and natural gas heading into winter are expected to keep demand high. The latest pressure on energy supplies comes from record thermal coal prices in China as key mining regions are hit by flooding. The high cost of power is already feeding through to metal prices, with aluminum rising to the highest since July of 2008.

Rising inflation, due in part to the increasing energy prices, is also making the marketplace uneasy. U.S. inflation reports are due out Wednesday and Thursday mornings and will be closely scrutinized.

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