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Gold, Silver Prices Bounce As U.S. Dollar Pulls Back

Tuesday, April 30, 2019

Gold and Silver prices are moderately higher in midday U.S. trading Tuesday, supported by a drop in the U.S. dollar index early this week. Also, the competing asset class of U.S. equities is weaker today. June gold futures were last up $3.40 an ounce at $1,284.90. July Comex silver was last up $0.027 at $14.96 an ounce.

In the spotlight now is the Federal Open Market Committee (FOMC) meeting that began this morning and ends Wednesday afternoon with a statement and a press conference from Fed Chairman Jerome Powell. While no change in U.S. monetary policy is expected at this meeting, traders will closely scrutinize the wording of the FOMC statement and the comments from Powell.

U.S.-China trade talks resumed today, with U.S. officials in Beijing. U.S. Treasury Secretary Mnuchin said in an interview late Monday that the talks are near conclusion and could wrap up next week. He added there remains some work to do on the matter, however. Most of the marketplace is fairly optimistic the U.S. and China will reach a trade deal in the coming weeks.

The key “outside markets” today see the U.S. dollar index down on more profit taking after hitting a two-year high last Friday. Meantime, Nymex crude oil prices are higher and trading around $64.00 a barrel. Both of these markets were in bullish postures for the metals markets today.

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