Gold and Silver Prices Rise on Tamer U.S. Inflation Report

📆 11/14/2023 9:01 PM
📰 KitcoNewsNOW

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Gold and silver prices are solidly higher in midday U.S. trading Tuesday, following a key U.S. inflation report this morning that came in tamer than market expectations and in turn sunk the U.S. dollar index and dropped U.S. Treasury yields. Short covering in the gold and silver futures markets was featured today, along with some perceived bargain hunting in the cash markets. December gold was last up $17.40 at $1,967.50. December silver was last up $0.837 at $23.20. Today’s U.S. data point of the week saw the consumer price index report for October come in at up 3.2%, year-on-year. CPI was forecast at up 3.3%, year-on-year, versus a gain of 3.7% in the September report. The core CPI rate was up 4.0% in October, compared to the consensus forecast of up 4.1% and up 4.1% in the September CPI report. This data falls into the camp of the U.S. monetary policy doves, who want to see the Federal Reserve halt its interest-rate-tightening cycle. U.S. Treasury yields solidly down-ticked on the CPI data and the U.S. dollar index sold off sharply. The U.S.

Gold and silver prices are higher following a tamer than expected U.S. inflation report, which led to a drop in the U.S. dollar index and U.S. Treasury yields. Short covering and bargain hunting were observed in the futures and cash markets. December gold is up $17.40 at $1,967.50, while December silver is up $0.837 at $23.20. The consumer price index for October came in at up 3.2% year-on-year, slightly below the forecast of 3.3%. The core CPI rate was up 4.

0% in October, compared to the consensus forecast of 4.1%. This data supports the U.S. monetary policy doves' stance on interest rates. U.S. Treasury yields and the U.S. dollar index declined on the CPI data

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