Gold recovered from yesterday’s slide in Asia trading last night, and is seeing a slight improvement in morning trading in New York. Silver, which mostly side-stepped the woes gold saw yesterday, has posted modest gains, trading slightly above yesterday’s levels.
The dollar is weaker, hitting a three-week low overnight, despite marking a four-year high versus the yen (but then again, what currency isn’t outperforming the yen lately?) Oil is slightly lower again today, as excess inventory weighs on futures. U.S. stocks opened flat but soon started modest gains on first-time jobless claims that came in better than expected. Claims dropped by 42,000 to a level of 346,000, compared to estimates of 360,000. However, the four-week running average for first-time jobless claims rose 3,000 to 358,000, a two month high.
In Europe overnight, the market was up slightly after an impressive day yesterday. The euro was up marginally versus the dollar, while hitting a three-year high versus the yen.
In Asia, the Nikkei hit a four-year high as the yen weakened against most major currencies. Hong Kong share saw a slight gain, while mainland Chinese shares suffered from bird flu fallout and a tightening of the money supply by the government.