Gold prices have hit a six-week high in early
U.S. trading Friday on dovish FOMC minutes.
The latest Fed minutes and
bullish "outside markets" are supporting gold and silver today. Gold’s rally today is impressive, given the U.S.
stock market has logged good gains this week, amid more of a "risk-on" trader and investor appetite.
December Comex gold was last at 1,154.60, up 0.88%.
December Comex silver was last up 0.44% at $15.835 an ounce.
The FOMC minutes did not move the markets in a big way, but reaffirmed the notions among many market watchers that world price deflation and sluggish global economic growth concerns will keep the Fed from raising interest rates, at least for the rest of this year.
Though they said overseas turmoil had not "materially altered" economic prospects, they chose to stand pat on the current policy last month.
The key "outside markets" see the U.S. dollar index lower and at a
three-week low today, partly on the dovish FOMC minutes. The DXY was last down 0.45% at 94.888.
The U.S. dollar bears have gained technical momentum this week. Crude oil prices are higher and hit a two-month high of $50.88 a barrel overnight, as the Russian military actions in Syria is escalating and making NATO nations very nervous.
Elsewhere, investors will eye fresh U.S. economic data to be released later in the day, which includes import and export price indexes and monthly wholesale trade data.
