by Christopher Freeburn | October 16, 2012 5:13 pm
Gold rebounded in Tuesday trading after the government released consumer price data showing little inflationary pressure 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. 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.
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) 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 contributed to this report.
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