Price gains for gold, silver as bargain buyers step in

(Kitco News) - Gold and silver prices are moderately higher in early U.S. trading Thursday, on some perceived value-buying following this week's selling pressure. Short-covering by the shorter-term futures trades is also likely featured today. A weaker U.S. dollar index on this day is also a friendly outside market force for the metals markets. October gold futures were last up $8.70 at $1,799.90. December Comex silver was last up $0.279 at $24.335 an ounce.

The just-released results of the regular monetary policy meeting of the European Central Bank saw no changes in ECB interest rate policy, as expected, but the central bank did slightly reduce its monthly bond purchases at a "moderately lower pace."

Global stock markets were mostly down in overnight trading. The U.S. stock indexes are pointed to mixed openings when the New York day session begins. Trader and investor risk appetite is less robust this week. The resurgence of the delta variant of Covid in major economies has the marketplace more pensive.