Gold, silver up, following solid price gains in crude oil

Gold and silver prices are modestly higher in early U.S. trading Tuesday. A strong rally in raw commodity sector leader crude oil early this week is supporting upside price action in the metals markets. However, gains are being limited in the safe-haven metals as trader/investor risk appetite has improved markedly so far this week. February gold was last up $4.30 at $1,783.80 and March Comex silver was last up $0.197 at $22.46 an ounce.

Global stock markets were higher in overnight trading. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The worst fears of the Omicron variant are not materializing, so far, and risk appetite is back on the table for the marketplace, for now. Oil prices are also rallying and U.S. Treasury bond yields are rising on ideas U.S. and global economic growth will not be seriously impacted by Omicron.

Traders and investors are keeping an eye on a phone call today between U.S. President Biden and Russian President Putin. The West thinks the Russians might be poised to invade Ukraine, as Russian troops are gathered near the Ukraine-Russia border.