Gold, silver rise on some safe-haven demand, bargain hunting

(Kitco News) - Gold and silver futures prices are higher in midday U.S. trading Wednesday, on some safe have demand as there is some keener risk aversion in the marketplace at mid-week. Bulls are still working to stabilize the metals and made some more progress today, including seeing some bargain hunting after last Friday’s big losses. February gold futures were last up $14.20 at $1,858.30 and March Comex silver was last up $0.18 at $25.615 an ounce. 

Global stock markets were mixed today. U.S. stock indexes are firmer at midday. Focus today was on the U.S. House of Representatives that was set to impeach President Trump for an unprecedented second time. Trump has one week left in his term as president. The marketplace remains a bit anxious ahead of the inauguration of Joe Biden as the next president, amid extremists’ threats of violence across the U.S.

The U.S. data point of the day at mid-week was the consumer price index for December, coming in up 0.4%, which was right in line with market expectations. Year-on-year the December CPI was up 1.4% versus up 1.2% in November. These numbers are not at all problematic for inflation, despite recent talk of rising and even problematic inflation in the coming months.