NEW YORK (Kitco News) - Gold and silver prices are posting good gains in early U.S. trading Thursday, following a key U.S. inflation report that came in right in line with market expectations but is still considered tamer. Gold prices pushed above $1,900.00 and hit a seven-month high. February gold was last up $18.20 at $1,896.50 and March silver was up $0.604 at $24.075.
This morning’s highly anticipated U.S. consumer price index report for December came in at up 6.5% year-on-year, which was right in line with market expectations. A 7.1% annual rise was reported in the November report. Other internal numbers in today’s CPI report were also in line with market expectations. This report falls slightly into the camp of the U.S. monetary policy doves, as the report suggests U.S. inflation has peaked.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward slightly weaker openings when the New York day session begins. The key outside markets today see the U.S. dollar index modestly lower. Nymex crude oil futures prices are higher and trading around $78.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.5%--down a bit following the CPI report