Gold & Silver Trading Near Support Levels

GOLD

Middle East peace prospects have dampened some safe-haven demand for Gold and Silver this morning in European trading. Gold reached a low of $2,659 before seeing fresh bargain buying. This morning, the Producer Price Index (PPI) for December was released, showing a lower-than-expected increase of 0.2%. This negative economic report is bullish for the Gold price.

At 11am PT today, Gold is up $10 per ounce, trading at $2,668 on average volume.

SILVER

The Silver price reaction to the PPI news was more positive, rallying back above the $30 resistance level briefly. Silver trading was very active this morning in London and U.S. trading.

At 11am PT today, Silver is trading at $29.85 per ounce, up $0.25 on excellent volume.