Gold price up as it appears inflation genie out of the bottle

(Kitco News) - Gold prices are moderately higher in early U.S. trading Monday, supported by increasing worries about problematic price inflation. More and more economists and veteran market watchers are saying the bout of rising global inflation is something more than just transitory. December gold futures were last up $6.50 at $1,802.70. December Comex silver was last up $0.011 at $24.465 an ounce.

Global stock markets were mixed in overnight trading. The U.S. stock indexes are pointed to slightly higher openings when the New York day session begins. It's another big week for U.S. corporate earnings, which have generally been very positive and are helping push the indexes solidly higher from their early October lows. For the moment the upbeat earnings reports are overshadowing worries about "stagflation," which means rising prices and stagnant global economic growth. The mainstream media has recently highlighted the shipping bottlenecks, especially on the U.S. west coast.

News reports over the weekend said the Biden Administration may be getting closer to having the Senate votes for a pared down government spending plan.