Gold and silver markets could nothold their modest overnight gains and are mildly lower in early-afternoon U.S.trading Monday. The precious metals are pressured by a solid rebound in theU.S. stock market to start the trading week. December goldfutures were last down $0.60 an ounce at $1,222.60. December Comexsilver was last down $0.038 at $14.205 an ounce.

Nymexcrude oil futures prices are higher today on short covering and a correctiverebound after hitting a 13-month low overnight. Still, crude prices are downaround 20% following the recent sharp declines. The drop in oil prices the pastfew weeks is an underlying bearish element for the metals markets, as crude isarguably the price leader of the raw commodity sector.

Theother key outside market today finds the U.S. dollar index trading slightlyhigher and not far below this month’s 1.5-year high. The strong greenback hasalso been a bearish outside market force working against the metals bulls.

Focusthis week will be on the upcoming Group of 20 meeting late this week inArgentina that will feature a face-to-face meeting between the U.S. and Chinesepresidents. The world’s two largest economies are locked in a heated trade warthat appears to show no signs of de-escalating.

Thereis also talk in the marketplace just recently that the U.S. Federal Reserve maytake a more dovish tone on its monetary policy due to notions the recent strongU.S. economic growth may be backing off. The Federal Open Market Committeemeets to discuss monetary policy in December.