Gold, silver prices up as safe-haven bids getting stronger

19 May
Kitco News:


Gold and silver prices are up in early U.S. trading Friday, with silver posting strong gains. Safe-haven demand is back in the precious metals this week as global stock markets and trader/investor sentiment have become more tentative this week. The silver bulls have come roaring to life this week as prices Friday hit a two-month high and for the week have gained around $1.00 from last Friday’s close. June gold futures were last up $4.90 an ounce at $1,746.00. July Comex silver prices were last up $0.609 at $16.77 an ounce.

There is important U.S. economic data out Friday morning that further reflects the serious damage being inflicted upon the world’s largest economy. The just-released April retail sales report came in down 16.4% versus expectations of down around 12%. The gold market popped to daily highs on the worse-than-expected sales number.

Other data out today include U.S. industrial production for April (seen down 11%), the University of Michigan consumer sentiment survey, the Empire State manufacturing survey, manufacturing and trade inventories, and Treasury international capital data.

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