CPI Inflation Lower, Gold And Silver Move Higher

GOLD

It was reported this morning that U.S. consumer inflation for May was unchanged. This news was better than forecasted, causing Gold and Silver to immediately start moving higher. Gold reached a high of $2,342 before seeing some light profit-taking.

Traders and investors await the results of the Federal Open Market Committee (FOMC) meeting of the Federal Reserve that ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell.

At 11am PT today, Gold is up $20 per ounce, at $2,335 per ounce on good volume.

SILVER

Silver followed Gold higher this morning, breaking back above the key $30 per ounce support/resistance level. Silver hit a high of $30.33 per ounce before seeing light short-term selling.

At 11am PT today, Silver is trading at $30.00 per ounce, up $0.82 on strong volume.