Gold, silver see modest price gains; bulls still shaky

(Kitco News) - Gold and silver prices are modestly higher in early U.S. trading Thursday. Bulls are working to stabilize the markets and have had some success this week. However, they have more work to do in the near term to improve the still-bearish near-term technical postures of both metals. August gold futures were last up $4.60 at $1,786.00 and July Comex silver was last up $0.019 at $26.13 an ounce.

Global stock markets were mostly higher overnight. The U.S. stock indexes are pointed toward higher openings when the New York day session begins and are at or near their record highs. There remains little risk aversion in the global marketplace at present, amid a generally calm geopolitical environment.

Today’s Bank of England meeting on its monetary policy saw no changes. However, the rise of U.K. inflation above the BOE’s target has increased speculation about the timing of future tightening.