Both Gold & Silver Staying In Trading Range

GOLD

Gold dropped $50 on reports that the International Energy Agency was coordinating a global release of oil reserves to temper the supply shock from the Iran war’s closure of the Strait of Hormuz, which has spurred energy prices this week and roiled markets worldwide. The consumer price index (CPI) was released today, showing an increase seasonally adjusted 0.3% for the month, putting the 12-month inflation rate at 2.4%, as expected. Gold did not react to the CPI.

At 11am PT today, Gold is down $52 per ounce, trading at $5,178 on average volume.

SILVER

Silver had price support in early overseas trading, and when trading reached the U.S., Silver dropped $2.50 per ounce.

At 11am PT today, Silver is trading at $85.80 per ounce, down $3 on active volume.