- Gold and silver prices are slightly weaker in early U.S. trading Friday and have lost modest overnight gains following a mildly hotter-than-expected U.S. inflation report. December gold was last down $0.80 at $1,948.00 and September silver was down $0.086 at $22.73.
Thursday’s July consumer price index report was slightly tamer than expected. The report solidified notions the Federal Reserve will stand pat on raising interest rates at its September FOMC meeting. There is a growing camp of Fed watchers that believes the U.S. economy has turned the corner on tamping down problematic inflation faster than many expected and that it may be that no further interest rate increases are necessary. Others say it’s too soon to tell.
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are slightly up and trading around $83.25 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.131%--up a bit following the PPI report.
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