Gold Rises Amid Fiscal Risk Trade, Silver Pulls Back

Gold prices rose in late-afternoon U.S. trading Monday, while silver prices slipped slightly. The spot gold price was trading near $4,648.40 an ounce, up 1.00%, while the spot silver price was trading at $68.750, down 0.16% on the session.

The mixed results in North American equity markets had little impact on the precious metals market. The S&P 500 fell 21.51 points, or 0.3%, to 7,652.86, while the Dow Jones Industrial Average rose 140.15 points, or 0.3%, to 53,417.16.

The latest positioning in the markets remains centered on fiscal risk and inflation data. Softer recent U.S. inflation and spending data reduced the urgency of a September Fed hike, but long-end yields and fiscal stress remain a constraint.