Mild price pressure on gold, silver amid more downbeat China data

Gold and silver prices are slightly lower in early U.S. trading Wednesday. The precious metals bulls are timid at mid-week after another economic report out of China that suggests less consumer demand for goods and services, which includes metals. December gold was last down $2.00 at $1,957.90 and September silver was down $0.062 at $22.745.

There was more downbeat economic data coming out of China at mid-week. The second-largest global economy has slipped into deflation territory for the first time in two years, due to weaker consumer demand. Chinese consumer prices fell 0.3% in July, year-on-year. The reading was in line with market expectations.

Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock indexes are pointed to firmer openings when the New York day session begins.

Key U.S. inflation reports this week are also in focus for the marketplace. The July U.S. consumer price index it out Thursday and the producer price index is out Friday. Both the CPI and PPI are expected to uptick just a bit from the June reports.