Gold price rallies following tamer U.S. inflation report

- Gold and silver prices are solidly higher, near their daily highs and hit three-week highs in the aftermath of a U.S. inflation report that came in a bit tamer than market expectations. August gold was last up $16.10 at $1,953.00 and September silver was up $0.509 at $23.815.

The U.S. dollar index sold off, stock indexes rallied sharply and U.S. Treasury yields dipped following the upbeat CPI data. The key outside markets today see the U.S. dollar index solidly lower and near its daily low. Nymex crude oil prices are firmer and trading around $75.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.895%--down from overnight levels.

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