Steady price action in gold, silver in quiet holiday trade

NEW YORK (December 24) Gold and silver prices are near unchanged in subdued early U.S. trading Tuesday. It’s likely to be a quiet U.S. trading session in most markets as the Christmas holiday is Wednesday. Many U.S. markets close early today. An appreciating U.S. dollar on the foreign exchange market and rising U.S. Treasury yields have limited buying interest in the two precious metals markets just recently. February gold was last up $0.80 at $2,629.00 and March silver was down $0.034 at $30.155.

Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. The S&P 500 is on track for a 25% gain in 2024, with the top seven biggest technology stocks accounting for more than half of the stock index annual gains.

In other news, Japan officials have warned speculators not to target the yen as the currency continues to depreciate.

China says it plans to sell a record 3 trillion yuan ($411 billion) of special treasury bonds in 2025, Reuters reported, as the government seeks to boost the world’s second-largest economy.

A Wall Street Journal headline today reads: “Britain’s economy slides into stagflation.”

The key outside markets today see the U.S. dollar index firmer. Nymex crude oil futures prices are modestly up and trading around $69.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.59%.

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report and the Richmond Fed business survey.

KitcoNews