Consumer and Labor Reports Put Pressure On Prices

GOLD

The August U.S. Consumer price numbers were released today, showing a solid increase of 0.4%. The Department of Labor also showed a 0.6% increase for July. Both of these reports combined with a higher U.S. dollar, put pressure on the Gold/Silver prices today. Gold reached a low of $1,937 after reaching a high yesterday of $1,962. At 11 am PT today, Gold is trading at $1,940 per ounce, down $16 on light volume.

SILVER

Silver sold off with Gold, but found support at the $26.50 per ounce level. Silver is definitely taking direction from Gold price trading, but with a little more volatility. Silver did briefly trade above the important $27 level, but couldn’t hold it. At 11 am PT today, Silver is down $0.37 per ounce, trading at $26.70 on normal volume.