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NEW YORK SPOT METAL PRICES

July 12, 2023

Both equities and metals jumped Wednesday after CPI data showed inflation cooled in June more than expected. Both CPI and core CPI rose 0.2% and 3.0% year-over-year, missing estimates of 0.3% and 3.1%. Gold hit a 3-week high and is currently trading at $1,958 and silver is up over 4% today, trading above $24.00 for the first time since mid-June. The S&P 500 gained 0.74% and the Nasdaq—which had been hit hardest by rising rates—jumped 1.15% as investors await what this latest inflation data means for Fed policy going forward.