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Gold and silver prices are solidly lower in early-afternoon U.S. trading Thursday. Some profit taking from recent gains was featured today and no significantchart damage occurred from today’s losses. Pressure also came from downbeateconomic data coming out of China and by a firmer U.S.dollar index today. Aprilgold futures were last down $13.40 an ounce at $1,295.90. MayComex silver was last down $0.266 at $15.19 an ounce.
China’s industrial outputfell to a 17-year low in February, at upjust 0.43% from January. Year-on-year, the number was up 5.3%. This reportweighed on the gold and silver markets today, as China’s economy is the majormetals consumer worldwide.
In the back-and-forthrhetoric on the U.S.-China trade war front, President Trump said Wednesday heis in “no rush” to ink a trade deal with China and reiterated the deal mustmeet U.S. demands. The past few days had seen the marketplace more optimisticregarding a trade agreement between the world’s two largest economies gettingcompleted soon. Trump’s comments could also be weighing on the metals marketstoday.
British lawmakers lateWednesday agreed on another Brexit plan that said the U.K. would not do a “hardBrexit” on March 29, the date for which the U.K. is set to leave the EuropeanUnion. However, any extension of the Brexit date must get EU approval. Themarketplace is reading this as positive that a “soft Brexit” will occur downthe road. While somewhat impacting the European markets, the current Brexituncertainty is not a major element moving world stock and financial markets.
The other outside markettoday sees Nymexcrude oil prices firmer and trading around $58.50 a barrel. Prices hit afour-month high today.