Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold and silver prices are modestly down in midday U.S. trading Wednesday. Although prices showed little reaction to a major U.S. inflation report that contained no big surprises, the data did fall into the camp of the U.S. monetary policy hawks. That's a negative for the metals markets. December gold was last down $3.60 at $1,931.50 and December silver was down $0.277 at $23.125.
Today's U.S. data point of the week saw the consumer price index report for August come in at up 3.7%, year-on-year, with the core CPI up 4.3% in the same period. The CPI was expected to be up 3.6%, year-on-year, versus a 3.2% rise in the July report. The core reading in July was up 4.7%. The metals and the general marketplace showed little reaction to the numbers.
The U.S. producer price index is out Thursday morning. The European Central Bank also holds its regular monetary policy meeting Thursday and is expected to slightly raise its main interest rate by 0.25 percent.
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