Gold And Silver Testing Key Support Levels On A Strong CPI Number

GOLD

Gold traded last night between $1,867 and $1,888 per ounce. A stronger U.S. Dollar (back above 106) is putting pressure on the Gold price. Safe-Haven Gold demand remains excellent at lower prices in the face of a strong CPI number today. The Consumer Price Index (CPI) for September came in today at 0.4%, higher than anticipated. At 11am PT today, Gold is down $5 per ounce, trading at $1,870 on strong volume.

SILVER

Silver followed Gold lower, breaking below the $22 per ounce support level. The higher CPI number, causing concerns about future interest rate increases affects the Silver price more than Gold. At 11am PT today, Silver is trading at $21.82 per ounce, down $0.19 on excellent volume.