Gold gains on technical buying, weaker greenback

September 14, 2021

New York (Sept 14)  Gold prices are higher in midday U.S. trading Tuesday, with silver prices slightly up. The metals markets got a lift following a U.S. inflation report this morning that came in cooler than expected and in turn sparked a sell off in the U.S. dollar index. Gold prices had slipped to a three-week low overnight. October gold futures were last up $11.70 at $1,804.00. December Comex silver was last up $0.049 at $23.845 an ounce.

The U.S. consumer price index report for August came in a up 0.3% from July versus the forecast up 0.4% and after a rise of 0.5% in July. Year-on-year the CPI was up 5.3% compared to forecasts of up 5.4%. The report falls into the camp of the U.S. monetary policy doves who want the Federal Reserve to hold off on tightening monetary policy, and that's what put some downside price pressure on the U.S. dollar index and in turn supported metals.

Global stock markets were mixed in quieter overnight trading. The U.S. stock indexes are also mixed at midday.

The other key outside market today sees Nymex crude oil futures prices higher, hitting a five-week high, and trading around $70.70 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.285%.

KitcoNews

Gold Eagle twitter                Like Gold Eagle on Facebook