Modest price advances for gold, silver ahead of busy U.S. data week

(Kitco News) - Gold and silver futures prices are trading firmer in early U.S. trading Monday. The bulls have stabilized both metals’ price action and are now awaiting the next catalyst to break prices out of their near-term trading ranges. February gold futures were last up $6.20 at $1,862.50 and March Comex silver was last up $0.124 at $25.68 an ounce. 

Global stock markets were flat to mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. It’s a busy week for U.S. economic data, highlighted by the Federal Reserve’s two-day Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement and Fed Chairman Powell’s press conference.

Attention will also be on the Biden administration’s efforts to push through Congress its $1.9 trillion stimulus package for Americans and businesses. Republicans are balking at the size of the package.