Gold price up on some safe-haven demand gold silver
- Gold prices are firmer in early U.S. trading Wednesday, on modest safe-haven demand as the clock keeps ticking toward the U.S. government potentially running out of money to pay its obligations. Silver prices are near steady. June gold was last up $9.90 at $1,984.40 and July silver was down $0.034 at $23.59.
In a rare development, traders and investors are shunning shorter-term U.S. Treasury bills over fears of a U.S. government default on that debt. This has caused high-grade U.S. corporate bonds to trade at a yield discount to U.S. Treasury bills. U.S. Treasury debt up to now had been considered the safest investment in the world.
Meantime, one report said Covid-19 is flaring up again in China and infections will get worse before they get better. The report said up to 65 million new cases a day could occur in China this summer. China government officials months ago stopped giving the public information on the Covid situation. The key outside markets today see the U.S. dollar index near steady after hitting another two-month high overnight. Nymex crude oil prices are higher and trading around $74.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.684%.
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