Daily Resources Overview
Gold prices are near daily Gold prices are holding solid gains in midday U.S. trading Monday highs and hit a four-week high above the key $1,300.00 level on safe-haven demand as the U.S. stock market is seeing its worst losses of 2019 and continuing last week’s downside pressure. June gold futures were last up $13.80 an ounce at $1,301.20. July Comex silver was last down $0.01 at $14.78 an ounce.
World stock markets were also mostly down overnight. The failure of the U.S. and China to reach a trade deal late last week and the resulting new tariffs put in place by the U.S., including retaliation from China announced today, have the world marketplace in a very downbeat mood to start the trading week. Trade officials from both countries will continue talking, however. Keener risk aversion in the marketplace generally works in favour of the safe-haven metals markets.
The marketplace is so far not being significantly impacted by news two Saudi oil tankers were attacked in the Strait of Hurmuz over the weekend. The attackers are apparently unknown. However, tensions between the U.S. and Iran have ratcheted up in recent weeks, with some speculating Iran may be behind the weekend attacks on the Saudi ships, which were not sunk but did sustain significant damage.
The key “outside markets” today see the U.S. dollar index slightly lower. Meantime, Nymex crude oil prices are lower and trading around $61.00 a barrel.