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10/13, 5:03 PM (Source: TeleTrader)
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Precious metals gain momentum on inflation worries

The prices of precious metals extended gains on Wednesday as investors closely followed developments surrounding the rising inflation across the globe mixed with increasing energy prices.

The latest data has set the United States annual rise in consumer prices at higher-than-expected 5.4% in September, while Germany reported a yearly inflation increase to 4.1% in the same month. Meanwhile, OPEC slightly revised down its estimated growth of global oil demand this year to 5.8 million barrels per day.

Spot gold jumped by 1.93% to $1,794.92 per ounce at 11:02 am ET, while silver soared 2.81% to $23.20 an ounce. Platinum advanced 2.30% to $1,032.92 per ounce, while palladium surged as much as 4.48% to trade for $2,142.21 an ounce.

Baha Breaking the News (BBN) / ND