The strong US dollar continues to penalize gold and silver, keeping bulls out of the precious metals market. The U.S. dollar index touched a five-week high overnight and is back close to its 20-year peak reached in July. At $1,732.40, October gold futures were down to $20.70.
At the last check, the September Comex silver futures were down $0.369 at $18.69 per ounce. Overnight, global stock markets were generally down and when the New York day session begins, US market indexes are expected to open sharply lower.
In the face of what is perceived as a still-aggressive Federal Reserve that is deemed to be bent on decreasing inflation even if it produces a U.S. economic recession. This caused the traders and investors to be worried and cautious about the risk.
