Gold price firmer amid friendly outside markets

(Kitco News) - Comex gold futures prices are modestly up in early U.S. trading Monday. Silver prices are near steady. The key outside markets are friendly for the precious metals to start the trading week, as the U.S. dollar index is weaker and crude oil prices are solidly higher. The technical charts remain solidly bullish for gold and silver. June gold was last up $7.30 at $2,032.00 and July silver was down $0.05 at $25.885.

Global stock markets were mixed but mostly higher overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. There is less risk aversion in the general marketplace to start the trading week. U.S. banking stocks have recovered some of their recent losses. Banking analysts will today closely scrutinize the Federal Reserve’s first-quarter Senior Loan Officer Survey, to get a gauge on how much the banking industry has pulled back in its lending practices the past few months.

President Biden on Tuesday will meet with House Speaker Kevin McCarthy and other congressional leaders to discuss raising or suspending the U.S. debt ceiling, setting the stage for a current standoff between the President and House Republicans. Biden’s invitation came after Treasury Secretary Janet Yellen notified lawmakers last week that the U.S. could default on its debt as early as June 1 if Congress does not raise or suspend the debt limit before that time.