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Metals Stocks: Gold, silver retreat after August inflation surprise


Gold and silver prices tumbled Tuesday morning, reversing earlier gains, as U.S. inflation for August came in surprisingly strong, causing the dollar to rise and short-term Treasury yields to reach fresh 14-year highs.

Price action

Gold futures

for December delivery fell $19.50, or 1.1%, to $1,721 per ounce on Comex.

Silver futures

for December delivery shed 27 cents, or 1.4%, to $19.59 per ounce.

What analysts say

Precious-metals analysts blamed the U.S. August consumer price index data for the sudden retreat in prices.

“Gold and silver prices are solidly lower in early U.S. trading Tuesday following a surprisingly hotter-than-expected inflation report that reinforces notions the Federal Reserve will keep its aggressive monetary policy tightening stance,” said Jim Wyckoff, senior analyst at Kitco.

U.S. CPI inflation rose by 0.1% in August, against expectations for a 0.1% drop in a Wall Street Journal poll of economists. What’s worse,  the so-called core rate of inflation, which omits food and energy, rose by a sharp 0.6%, higher than the 0.3% rise economists’ who participated in the WSJ survey had expected.

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