Gold, Silver

January CPI Release

CPI Release 1.11.24

The Bureau of Labor Statistics CPI release led to slight market fluctuations today. Gold prices were trending in the $2,040 range earlier this morning but fell to $2,025 due to the strengthening of the dollar. Silver prices also dipped to the mid $22 range, continuing a 4-week gradual decline.

The Consumer Price Index rose 3 basis points from 3.1% in November to 3.4% in December, slightly higher than economists’ estimates of 3.2%. The higher-than-expected jobs report, adding 216,000 jobs in December, slightly cooled some expectations of rate cuts. Despite the higher-than-expected inflation reading and jobs report, rate cuts are still likely in March according to CME’s FedWatch tool.

Update: The release of the PCE report on February 29 indicated that inflation rose in line with economists’ expectations of .04% for the month and 2.8% on an annual basis. The CME Fedwatch tool now reflects a 19%  chance of rate cuts by May and 53% chance of rate cuts by June.

Catch up on the latest CPI release and FOMC meeting for January 2024 to know when to invest in your bullion collection. As inflation proves it is not going down without a fight, ensure long-term financial stability by considering bullion options. Ready to invest? Shop Gold, Silver and Platinum on today and we’ll help you get started!