(Kitco News) - Gold and silver prices are firmer in early U.S. trading Monday, with gold poking to another five-month low in overnight trading.
Short covering, corrective rebounds are featured in the two precious metals. A weaker U.S. dollar index and firmer crude oil prices are bullish outside market elements for the metals markets. However, rising U.S. Treasury yields to start the trading week and still-bearish charts are limiting the upside for gold and silver. December gold was last up $4.40 at $1,920.90 and September silver was up $0.287 at $23.02.
In overnight news, the People's Bank of China cut its one-year loan prime rate by 10 basis points to a record low of 3.45%, while unexpectedly holding steady the five-year rate at 4.2%. Most economists had predicted a 15 basis-point cut. Monday’s move came after a surprising reduction in both short-term loan rates and the medium-term rate by the central bank last week, as it seeks to strike a balance between helping the economy and stemming further depreciation of the Chinese yuan.
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