Gold price hits 6.5-mo. high on bullish charts, China hopes gold silver
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. Trader and investor risk appetite is not robust early in the new year, amid most major central banks that are still-hawkish on their monetary policies. However, risk aversion is not keen, either, due to hopes China’s economy, the second-largest in the world, will see improved growth after the Chinese government relaxed Covid restrictions.
The key outside markets today see the U.S. dollar index higher on a corrective bounce prices Monday hit a 6.5-month low. Nymex crude oil futures prices are modestly up and trading around $75.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.574%. U.S. economic data due for release Wednesday is light and includes the weekly MBA mortgage applications survey, the weekly DOE liquid energy stocks report.
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