Gold and silver prices dipped following Friday’s release of U.S. inflation data, which showed no increase in the producer price index on a month-over-month basis.
PPI was up 1.8% from a year ago, and, following August’s increase of 0.2%, economists surveyed by Dow Jones were expecting a 0.1% rise in October.
Gold prices dipped about $10 an ounce to $2,640 and silver prices dropped about 20 cents to $31.25.
This chart shows the reaction of the gold market to the U.S. inflation data released Friday. (Source:TradingView)
Traders balanced the PPI data with Thursday’s release of the Labor Department’s consumer price index, which is more widely followed, that showed a 0.2% increase for the month, up 2.4% from a year ago. Precious metals rallied after the Thursday data release.
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