While the magnitude of yesterday's US CPI upside surprise was not significant, the markets were clearly undermined by another US data point which appears to push back US rate cut timing.
Today the markets will have a pause from US inflation news with several Fed speeches potentially providing some fireworks.
However, the US dollar is sitting right on the spike-up highs from yesterday early today leaving the currency influence on gold and silver bearish...[MORE]
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Good morning. The precious metals are mostly higher in early U.S. trading.
U.S. calendar features Treasury Budget.
FedSpeak due from Bowman, Barkin, & Kashkari.
There has been notable divergence in precious metals with gold holding within its 2024 consolidation zone while silver is still within striking distance of a new 4-month low.
The gold/silver ratio was just above 92 at yesterday's close and approaching the 17-month high reached in mid-January.
The dollar remains well below Monday's 2 1/2-month high which has underpinned metals prices early today.
Fed speakers gave mixed comments on upcoming Fed policy yesterday, and the market's disappointment that there was not an overall dovish tone has weighed on gold and silver prices...[MORE]
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