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 down and hit multi-week lows in early U.S. trading Thursday, following a batch of U.S. economic data that showed an uptick for producer inflation and solid retail sales. Both reports fall into the camp of the U.S. monetary policy hawks, and that's bearish for the metals. December gold was last down $8.90 at $1,923.60 and December silver was down $0.50 at $22.68.
The just released U.S. producer price index for August came in hot, at up 0.7% versus expectations for a rise of 0.4%. The"core" PPI reading was up 0.2%, which is right in line with market expectations. Meantime, U.S. retail sales in August were up 0.6% versus market expectations for a rise of 0.1%. These numbers suggest the Federal Reserve will continue to raise interest rates to choke off inflation, but also slow economic growth.
The European Central Bank held its regular monetary policy meeting Thursday and slightly raised its main interest rate by 0.25 percent, to 4.0%.
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