Gold prices are hovering right around unchanged on the day, in early U.S. dealings Wednesday. The bulls are taking a breather after recent solid gains that saw prices hit an 11-month high Tuesday. There are still bullish technical and fundamental elements in place that will likely continue to boost the gold market for at least the near term. December Comex gold was last down $0.20 an ounce at $1,344.50. December Comex silver prices were last up $0.094 at $18.035 an ounce.
World stock markets were mostly weaker overnight, on a bevy of concerns in the marketplace. The historically turbulent months of September and October for equities are starting out in just such a manner. A recent spate of weaker-than-expected economic data coming out of the U.S. and European Union have many thinking their central banks will back off on tightening their monetary policies any time soon. Also, Hurricane Irma is bearing down on the Caribbean and later on this week is likely to hit Florida. Irma is the strongest hurricane in recorded history. And then there’s the ongoing North Korea-U.S. crisis that appears to be getting worse. All of the above is positive for the safe-haven gold market, as stock market investors and traders are in a risk-averse mood.