Gold, silver see late buying support on Powell's inflation comment

(Kitco News) - Gold prices are trading near steady and silver prices are higher in midday U.S. trading Thursday. Both metals moved to their daily highs around midday after Federal Reserve Chairman Jerome Powell said in a speech and question-and-answer session that the U.S. economy should rebound strongly in the coming months, including a possible significant rise in price inflation. A lower U.S. dollar index at midday is also working in favor of the precious metals market bulls. February gold futures were last down $1.10 at $1,853.70 and March Comex silver was last up $0.293 at $25.87 an ounce. 

Powell’s speech at Princeton University at midday today appears to be the feature in a marketplace that is in need of fresh market fundamentals. Several other Fed officials also were slated to speak Thursday.

Global stock markets were mixed overnight. U.S. stock indexes are modestly up at midday. The marketplace is tentative late this week following the U.S. House of Representatives impeachment of President Trump for an unprecedented second time. Trump has less than one week left in his term as president. The marketplace remains a bit edgy ahead of the inauguration of Joe Biden as the next U.S. president next Wednesday, as a massive show of U.S. national guard and other security forces are already in Washington, D.C.