(Kitco commentary) - With a fresh new high for the move in the dollar to its highest level since March 15 yesterday, the gold market is short term overbought and is facing ongoing currency-related pressure.

(Kitco commentary) - While part of the gains this morning in gold and silver are attributable to a slightly positive track across all commodities, we think flight to quality buying is present as well because of more signs that First Republic Bank might not survive.

(Kitco commentary) - A much hotter than expected 10.1% annualized inflation reading from the UK has whipped up rate hike fears again, and that has fostered a surprisingly significant risk off reaction throughout the markets.

(Kitco commentary) - Global equity markets overnight were mixed, with the number of markets trading higher barely exceeding those trading lower.

(Kitco commentary) - While a risk-off theme permeates the markets this morning, the Dollar Index is tracking slightly higher and adding to the negative macro view toward commodities.

(Kitco commentary) - Despite a bearish wave of risk-off psychology and weakness in other precious metals, the gold market is attempting to hold modest gains early today.

(Kitco commentary) - With the gold market this morning sitting near the highs of yesterday's upside explosion, bullishness remains in place.

(Kitco commentary) - In retrospect, traders might have been too quick to conclude that the Fed is softening its rate stance. That seemed to be on traders' minds earlier this week with the recent pattern of strong US economic data.

(Kitco commentary) - The gold market rally is impressive this morning, seeing it happen without definitive weakness in the dollar should embolden the bull camp.

(Kitco commentary) - With the dollar index posting a six-day high overnight, traders should expect new contract highs in the coming sessions, even though a lack of critical US economic data today might limit activity in the currency markets.

(Kitco commentary) - While the gold market did not make a fresh high for the move overnight, prices have managed to consolidate above $1,750 and sit just under this week's highs. Similarly, the silver market has extended a sideways consolidation around $19.00 and forged a quasi-double low starting at $18.65.

(Kitco commentary) - Despite a $128 rally in July and August, the gold market so far has not suffered a severely damaging reversal from this week's high.

(Kitco commentary) - Global equity markets were mostly lower last night, with the exceptions being the All Ordinaries and the TOPIX Index, which traded fractionally higher.

(Kitco commentary) - Global equity markets were lower overnight, with some exceptions seen around the Pacific rim.

(Kitco commentary) - Overnight, global equities move higher with the German market posting the largest gain of 1.7%. Critical economic news included a softer than expected Australian AIG Performance of Services Index for June, lower foreign investment in Japanese bonds and stocks