Gold hits record high; more upside likely gold silver Fed
- Comex gold futures prices are solidly up and overnight hit a new record high of $2,085.40 an ounce, on safe-haven demand amid a jittery U.S. banking system and worries about a U.S. and/or global economic recession. Silver prices are sharply up and near the highs for the year. Gold and silver bulls have the strong technical advantage to suggest still more price gains in the near term. June gold was last up $23.30 at $2,060.20 and July silver was up $0.564 at $26.25.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices hit a 1.5-year low of $63.64 overnight but rebounded and are now trading around $68.50 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.313%. Treasury yields have dipped this week on flight-to-quality buying amid the wobbly U.S. banking stocks.
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