Gold, silver down as USDX rallies, crude oil weakens gold silver USDX
- Gold and silver prices are solidly lower in early U.S. trading Wednesday. Gold hit a nine-week low and silver a 2.5-month low overnight. Precious metals traders were reminded Tuesday that the Federal Reserve will likely continue to raise U.S. interest rates in the coming months, which has rallied the U.S. dollar index and pressured the crude oil market. April gold was last down $20.20 at $1,845.20 and March silver was down $0.328 at $21.55.
The U.S. data point of the day Wednesday is the retail sales report for January, which is expected to come in up 1.9% from December, following a decline of 1.1% in December from November. U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the Empire State manufacturing survey, retail sales, industrial production and capacity utilization, the NAHB housing index, manufacturing and trade inventories, Treasury international capital data, and the weekly DOE liquid energy stocks report.
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