Gold, silver rebound as bond yields, USDX retreat

(Kitco News) - Gold and silver prices are solidly higher early today amid falling bond yields and weaker U.S. dollar index on this day, but mostly on corrective, short-covering bounces after gold hit a 10-month low on Monday. April gold futures were last up $24.50 at $1,702.00 and May Comex silver was last up $0.506 at $25.765 an ounce.

Global stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins. Bond market yields are on the retreat Tuesday, which is boosting trader and investor risk appetite and boosting share prices. The yield on the U.S. Treasury 10-year note was fetching 1.542% early today. Big hedge fund manager David Tepper on CNBC Monday predicted the rise in U.S. government bond yields has now mostly played out. Some other analysts on TV and in the media are saying the same. However, many just think Tepper and the others are just talking their book. This 35-year market watcher thinks the inflation genie is already out of the bottle.

The marketplace is also upbeat early this week as it appears the U.S. Congress will this week pass a $1.9 trillion pandemic stimulus package for Americans, to then be signed by President Biden.