A week dominated by global growth concerns is coming to an end

A week dominated by global growth concerns is coming to an end with the precious metals under pressure early in U.S. trading. Gold saw little action in the overnight sessions and opened relatively unchanged from yesterday’s close of $1770. The yellow metal now trades .1% lower at $1768 while silver is down  nearly 1% to $33.79. The PGM’s are in the red as well with platinum currently trading nearly 1% lower at $1676 and palladium down ~.5% to $648.25. This morning’s report on producer prices showed greater than expected increase but inflation remains flat. UofM’s consumer sentiment report is due at 9:55 am ET and given recent upbeat jobs data it is no surprise that the index is expected to notch up .2 points to 78.5. The rest of the day will see investors taking in third-quarter earnings as they also look to position themselves for next week’s deluge of reports and events, to include the second presidential debate. Have a great day and a better weekend!