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The cartel is expected to slightly increase its collective production. An OPEC meeting Tuesday is in focus for oil traders.

Nymex crude oil prices are solidly higher and hit a 2.5-year high, trading around $68.00 a barrel. The key outside markets today see the U.S. The May CPI was just above trader expectations. The Euro zone consumer price index for May came in at up 2.0%, year-on-year, versus the rise of 1.6% seen in April. Reports out of China say domestic manufacturers have stopped accepting new orders for products, or are evening considering shutting down, due to rising material costs. A reading above 50.0 suggests growth in the sector. In other overnight news, China’s official manufacturing purchasing managers index (PMI) was reported at 51.0 in May from 51.1 in April. China’s government’s recent remarks on futures markets speculation, along with new regulations limiting the sale of futures to individual investors, have also taken some of the bullish fervor out of the raw commodity sector. that is raising the prospects for larger harvests of grains. Trader and investor risk appetite remains keener to start the month of June, amid notions the Federal Reserve may have been right in its proclamations that rising inflation will only be transitory.īloomberg reported hedge-fund managers have reduced their holdings in 20 out of 23 commodities, due in part to recent milder and wetter weather in the U.S. stock indexes are pointed toward higher openings when the New York day session begins. Global stock markets were mostly firmer overnight. Reports said gold exchange traded funds (ETF’s) have seen more money flow into them the past few weeks. Gold prices are also boosted as traders seek out the metal has a hedge against rising inflationary pressures. August gold futures were last up $5.80 at $1,909.80 and July Comex silver was last up $0.431 at $28.45 an ounce.

The technical postures for both metals remain fully bullish. dollar index and higher crude oil prices. trading week are helping out the precious metals market bulls-a lower U.S. Bullish outside markets to start the U.S. trading Tuesday, with gold scoring a five-month high. ( Kitco News) - Gold and silver prices are modestly higher in early morning U.S. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.