PHYS - Top Stories This Week: Silver Price Breaks US$30 Big Short Investor Burry Gets into Gold

2024-05-17 12:00:00 ET

Gold and silver prices both made moves this week, with gold passing US$2,400 per ounce once again and silver finally breaking through the important US$30 per ounce mark. It's the first time the white metal has been there since 2013, and the milestone has sparked speculation about just how high it could go in this cycle.

Momentum kicked in that day after the release of the latest US consumer price index (CPI) data . It shows that inflation was up 3.4 percent year-on-year in April, the first time it has cooled in 2024. On a monthly basis it was up 0.3 percent.

The US Federal Reserve's target for inflation is 2 percent, and the first quarter's higher CPI readings have weighed on hopes for interest rate reductions. CME Group's (NASDAQ: CME ) FedWatch tool now shows that most market participants don't expect the central bank to start cutting until its September meeting.

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