Gold Showing Heavy Demand Over $2,400 Per Ounce

GOLD

The U.S. Bureau of Labor Statistics released the producer price index (PPI) today. This index is a measure of wholesale prices, and it increased by 0.2% in June. This is in line with expectations, but the Gold price declined and tested the $2,400 level. Gold rallied back and reached a high of $2,420 before seeing light weekend selling.
At 11am PT today, Gold is up $4 per ounce, at $2,417 on average volume.

SILVER

The Silver price got hit in early Asian trading, reaching a low of $30.33 per ounce before finding buyers when it opened in Europe. Silver needs to move back above the $31 per ounce level to remain bullish for the short-term.
At 11am PT today, Silver is trading at $30.95 per ounce, down $0.45 on light volume.