Gold & Silver See Profit-Taking After Rally

GOLD

U.S. consumer inflation (CPI) increased 0.6% in April, which was expected by analysts. But inflation rose to 3.8% in April from 3.3% in March. This was expected because of the increase in gas prices due to the Strait of Hormuz problem. Gold fell $70 on this news and found fresh buying.

At 11am PT today, Gold is trading at $4,679 per ounce, down $43 on excellent volume.

SILVER

After being up $5.20 per ounce, Silver saw selling during trading in London. The Silver price reached a low of $83 before finding buyers during U.S. trading.

At 11am PT today, Silver is trading at $85 per ounce, down $0.55 on excellent volume.