Price declines in gold, silver as technical selling featured gold silver Fed
- Gold and silver prices are modestly down in early U.S. trading Friday. Quieter summertime trading and no major news developments have the technically based bears controlling price action late this week, amid price downtrends in place on the daily charts for gold and silver. August gold was last down $4.90 at $1,913.00 and July silver was down $0.201 at $22.39.
The U.S. data point of the day is the personal income and outlays report for May, including the PCE price indexes. The PCE core price index is seen coming in up 4.7%, year-on-year, which is the same as the April report reading. Federal Reserve Board members are said to watch the PCE inflation numbers closely.
In other overnight news, the Eurozone consumer price index for June came in at up 5.5%, year-on-year, versus the May reading of up 6.1% and a consensus forecast of up 5.6% in June. U.S. economic due for release Friday includes personal income and outlays, the ISM Chicago business survey and the University of Michigan consumer sentiment survey.
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