PCE Brings Big News To The Metal Markets

GOLD

The core Personal Consumption Expenditures (PCE) price index was released today and it jumped 0.6% in January. This index was up 4.7% from January 2022. Wall Street had been expecting respective readings of 0.5% and 4.4%. The Dollar index moved higher on this announcement and precious metals moved lower. At 11am PT today, Gold is trading at $1,812 per ounce, down $11 on average volume.

SILVER

Silver also moved lower on the PCE news, reaching a low of $20.77 before finding bargain buying. At 11am PT Today, Silver is down $0.48 per ounce, at $20.87 on normal volume.