Gold and Silver Climb Higher After Inflation Report
On Tuesday, gold (NYSEARCA:GLD) futures for August delivery, the most active contract, jumped $11.00 to close at $1,245.90 per ounce, while silver (NYSEARCA:SLV) futures for September increased 10 cents to finish at $19.14.
Both precious metals edged slightly higher as China’s latest inflation gauge increased more than expected in June. According to National Bureau Statistics in Beijing, consumer prices rose 2.7 percent from a year earlier compared to the median estimate calling for a 2.5 percent gain.
However, inflation is relatively low in China. Yao Wei told Bloomberg: “Overall, inflation pressure is still quite muted. We expect growth to continue to slide over the medium term.”
Heading into the close, shares of the SPDR Gold Trust (NYSEARCA:GLD) and iShares Silver Trust (NYSEARCA:SLV) both gained about 0.60 percent. Gold miners (NYSEARCA:GDX) Yamana Gold (NYSE:AUY) and Newmont Mining (NYSE:NEM) edged slightly lower. Silver miners (NYSEARCA:SIL) Endeavour Silver (NYSE:EXK) and First Majestic Silver (NYSE:AG) jumped 4.1 percent and 4.4 percent, respectively.
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