Gold & Silver Test Key Support Levels

GOLD

Today, it was reported that the August PPI (Producer Price Index) rose 0.4% on the month and 5.4% from a year earlier, with core producer prices up 0.3% on the month and 4.7% year-over-year. Goods inflation jumped 4.2% in energy and a 24.1% surge in diesel fuel. Weekly jobless claims fell to 206,000, also causing weakness in the Gold price. Gold reached a low of $4,323 before finding bargain buying.

At 11 am PT today, Gold is trading at $4,350 per ounce, down $65 on heavy volume.

SILVER

Silver dropped alongside Gold, driven by the same concerns about the PPI and jobless claims. Silver reached a low of $63.65 per ounce before demand increased.

At 11 am PT today, Silver is trading at $63.75, down $4.15 on heavy trading volume.