(Kitco News) – World stock markets were mostly higher overnight. U.S. stock indexes are also pointed toward firmer openings and new record highs when the New York day session begins.
Gold prices are lower in pre-U.S.-session trading, amid the better risk appetite seen in the marketplace in recent sessions. A firmer U.S. dollar indexx to start the trading week is also bearish for the gold and silver markets.
In overnight news, the Japanese yen saw pressure against the U.S. dollar after Japanese elections showed Prime Minister Abe and his coalition government with a lop-sided victory in snap elections. World stock markets were buoyed on the news from Japan, as Abe is considered to be more dovish on monetary policy.
The Euro currency was pressured overnight on reports the Spanish prime minister is seeking powers to remove the leaders of the secessionist Catalonia region.
Traders and investors this week are anticipating who will be President Trump's nominee for the next chairman of the Federal Reserve. Jerome Powell has moved to the top of the list among many Fed watchers.
Also this week the European Central Bank holds its regular monetary policy meeting on Thursday. Many expect the ECB to announce more details on the winding down of its bond-buying program.
The U.S. dollar is higher in early U.S. trading. The other key "outside market finds Nymex crude oil futures prices near steady and trading just below $52.00 a barrel.
U.S. economic data due for release Monday is light and includes the Chicago Fed national activity index.
By Jim Wyckoff, contributing to Kitco News; [email protected]
