CPI Report Drives Gold And Silver Prices Higher

GOLD

Today, the US Bureau of Labor Statistics showed a decrease in inflation to 3.2% (YoY) in October, while the Core CPI, which excludes the volatile prices of food and energy, recorded a 4% increase below the expected 4.1% rise. This news caused Gold to rally up $25 to $1,972 before seeing short-term profit taking.

At 11am PT today, Gold is trading at $1,964 per ounce, up $17 on the day.

SILVER

Silver reacted more positively to today’s CPI decrease, quickly rallying $0.96 per ounce, well over the $23 level. Recently the $23 support/resistance level has shown importance in the short-term direction of the Silver price.

At 11am PT today, Silver is up $0.80 per ounce, at $23.15 on active volume.