September Consumer Prices Report Helps Send Gold Higher

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

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