Gold Powers to 2-month High on Inflation Fears

Gold Powers to 2-month High on Inflation Fears

Gold last traded at $1,830 an ounce. Silver at $24.31 an ounce.

NEWS SUMMARY: Precious metal prices held near 2-month highs Tuesday ahead of fresh inflation data. U.S. stocks retreated as investors took some profits and awaited CPI data on Wednesday.

Gold price powers to 2-mo. high on inflation concerns -KITCO

"Gold and silver prices are modestly up in early U.S. trading Monday, with gold notching a two-month high. It appears the metals traders have turned their focus from the bearish aspects of a tighter U.S. monetary policy, to the bullish prospects of rising and even problematic price inflation in the coming months.

Global stock markets were mixed in overnight trading. The U.S. stock indexes are pointed to mixed openings when the New York day session begins. The U.S. indexes hit record highs last Friday. There remains little risk aversion in the global marketplace at present. The U.S. House of Representatives late Friday approved a pared-down U.S. government spending plan.

In other weekend news, China reported its October imports were up 20.6%, year-on-year, which was less than expected. However, China's exports in the period were higher than expected, at up 27.1%....

The key outside markets today see the U.S. dollar index weaker after hitting a new high for the year last Friday. Nymex crude oil prices are higher and trading around $82.15 a barrel."