Precious Metals Surge as U.S. Inflation Data Tames

Gold and silver prices rise as the U.S. dollar index and Treasury yields drop following a tamer-than-expected U.S. inflation report. Short covering and bargain hunting contribute to the increase. U.S. President Joe Biden and Chinese leader Xi Jinping are set to meet, potentially signaling a thaw in U.S.-China relations. U.S. lawmakers are rushing to pass a measure to fund the federal government before the Friday deadline. The U.S. dollar index hits a nine-week low, while Nymex crude oil prices rise. Technical analysis suggests near-term neutrality for gold and silver futures.