Gold price modestly up amid safe-haven demand, bullish charts
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Gold prices are slightly higher and silver is near steady in early U.S. trading. Both precious metals are supported by safe-haven demand and bullish technical factors. June gold is up $5.90 at $2,354.30, while May silver is down $0.012 at $28.04. Asian and European stock indexes were mixed overnight, and U.S. stock indexes are expected to open lower. The U.S. dollar index is slightly higher, crude oil prices are weaker, and the yield on the 10-year U.S. Treasury note is 4.57%. China's inflation data shows deflationary price pressures, which may lead to increased economic stimulus measures. There are concerns of a potential retaliatory military strike by Iran or its proxies against Israel. The European Central Bank is meeting on its monetary policy. U.S. economic data to be released includes the weekly jobless claims report, the producer price index report, and monthly U.S. chain store sales. Technically, gold and silver have strong overall near-term technical advantages.
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