Silver Rises to Four-month High on US Data

iNVEZZ.com reported that this morning, silver reached a four-month high of $21.295 as its appeal as a hedge against inflation grew. That came on the back of data “showing that price pressures may be building in the US.”

As quoted in the market news:

The US Import Price Index showed a gain of 0.1 percent m/m in January, whereas analysts had been expecting a 0.1 percent drop. What’s more, December’s print was upgraded from no change to a rise of 0.2 percent.

In addition, the preliminary University of Michigan Inflation Expectations for February checked in at 3.3 percent, up from 3.1 percent in January. The UoM Consumer Sentiment Index stayed unchanged in February at 81.2, while economists had anticipated a drop to 80.6.

US Industrial Production for January posted a drop of 0.3 percent, missing by a mile the consensus for growth of 0.2 percent, following the prior month’s expansion by 0.3 percent. According to the US Federal Reserve, the setback was due to ‘severe weather that curtailed production in some parts of the country’.

Click here to read the full iNVEZZ.com report.