Gold Rebounds on Flat Wholesale Prices

by Christopher Freeburn | August 14, 2013 4:26 pm

Gold Silver GLD IAU SLV[1]Gold bounced back from yesterday’s decline after the Labor Department said that wholesale prices held steady last month, signaling little inflationary pressure in the U.S. economy. The Federal Reserve has warned that too-low inflation could post a risk to U.S. economic growth.

Gold futures for December delivery jumped 1% to $1,333.40 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,334.90 and as low as $1,315.10. Gold bullion closed in London at $1,337, according to BullionVault[3].

Silver futures for December delivery climbed 2.1% to $21.84 per ounce. Tuesday’s high for silver was $21.87, while the low was $21.32.

Gold and silver funds gained in Wednesday trading.

Gold and silver mining ETFs surged during the day.

Gold mining shares advanced on Wednesday.

Silver mining shares gained during the day.

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.

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