Gold price modestly up as bulls work to stabilize market

Gold prices are a bit higher in early U.S. Trading Tuesday and are trading back above $1,900.00 as the bulls are trying to stop the bleeding after the recent downdraft that saw the market hit a nine-week low Monday. Silver prices are trading near steady. June gold futures were last up $7.80 at $1,903.70 and May Comex silver was last down $0.01 at $23.66 an ounce.

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Traders and investors are uneasy early this week as China continues to lock down its major cities to prevent the spread of Covid. That’s leading many to think China’s economy, the second largest in the world, will suffer significantly this year, including more supply chain disruptions in Asia and around the globe.

Following are some headlines coming out of Asia Tuesday morning:

Covid Lockdowns Send China’s Economy Reeling as Outbreaks Spread Xi Puts Ideology Before Economy With Market-Busting Lockdowns Global Supply Chain Crisis Flares Up Again Where It All Began Beijing to Covid Test Most of City as Lockdown Specter Looms China Central Bank Seeks to Calm Markets with Support Pledge

The Russia-Ukraine war has also heightened risk aversion in the marketplace the past several weeks. A top Russian government official today said the U.S. and Russia risk nuclear war.

Inflation worries remain on the front burner of the global marketplace.