Silver posts highest close in 11 years, gold at 3-week high after CPI data
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 15 2024
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Source: MarketWatch
- Silver and Gold Futures: Silver futures reached their highest settlement since 2013, while gold futures surged to a more than three-week high.
- Inflation Data Impact: The rise in silver and gold prices was influenced by U.S. government data showing a slowdown in inflation rates.
- Interest Rate Cut Expectations: The lower-than-expected increase in consumer prices fueled expectations for interest rate cuts later this year.
- Core Inflation Rate: The core rate of inflation, excluding food and energy, saw the smallest rise in four months at 0.3%.
- Market Response: Investors reacted positively to the data, leading to increased demand for precious metals like silver and gold.
Analyst Views on GDXJ
Wall Street analysts forecast GDXJ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GDXJ is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
