September Consumer Prices Report Helps Send Gold Higher

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

Gold Silver GLD IAU SLVGold 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.

  1. showing little inflationary pressure:
  2. CME Group:
  3. BullionVault:
  4. GLD:
  5. IAU:
  6. SLV:
  7. GDX:
  8. GDXJ:
  9. SIL:
  10. NG:
  11. AEM:
  12. ABX:
  13. EGO:
  14. GG:
  15. KGC:
  16. NEM:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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