September Consumer Prices Report Helps Send Gold Higher

by Christopher Freeburn | October 16, 2012 5:13 pm

September Consumer Prices Report Helps Send Gold Higher

PreciousMetalsRecap September Consumer Prices Report Helps Send Gold HigherGold rebounded in Tuesday trading after the government released consumer price data showing little inflationary pressure[1] in the U.S. economy, giving the Federal Reserve no reason to put the brakes on stimulus efforts, and the dollar slid against other currencies.

Gold futures for December delivery rose to $1,746.30 on Tuesday, according to CME Group[2]. Gold traded as high as $1,748.90 and as low as $1,736.10. Gold bullion closed in London at $1,751, according to BullionVault[3].

Silver futures for December delivery also closed up at $32.96 per ounce. Tuesday’s high for silver was $33.08, while the low was $32.66.

Gold and silver funds climbed in Tuesday trading.

Gold and silver mining ETFs rose during the day.

Gold mining shares posted gains on Tuesday, with NovaGold Resources (AMEX:NG[10]) rising the most.

Silver mining shares moved higher in Tuesday trading.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Endnotes:
  1. showing little inflationary pressure: http://investorplace.com/2012/10/september-consumer-prices-rise-on-higher-gas-prices/
  2. CME Group: http://www.cmegroup.com/
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2012/10/september-consumer-prices-send-gold-higher/
Short URL: http://invstplc.com/1o0LGU1