(Kitco News) - Gold and silver prices are higher and near this week’s multi-month highs in early U.S. trading Thursday. Traders and investors are scrambling to get on board with hard assets like the precious metals, on rising fears of problematic price inflation. December gold was last up $12.90 at $1,861.30 and December Comex silver was last up $0.223 at $24.99 an ounce.
Global stock markets were flat to a bit higher in overnight trading. The U.S. stock indexes are pointed to firmer openings when the New York day session begins. The focus of the marketplace is now on the increasing odds of higher and even problematic price inflation worldwide. Two U.S. inflation reports this week ran hot and underscored inflation is tightening its grip on world economies. The U.S. consumer price index report released Wednesday showed inflation running at a 30-plus year high. Gold prices hit a five-month high and silver scored a three-month high on Wednesday, as traders and investors seek out inflation hedges in hard assets. There are now growing notions the Federal Reserve will be forced to raise U.S. interest rates much sooner that the central bank has recently suggested.
Today is a U.S. federal holiday, Veterans Day, and the U.S. government and Treasury markets are closed. There is no U.S. economic data due for release Thursday, due to the holiday.
Price gains for gold, silver; inflation train leaving the station
![Price gains for gold, silver; inflation train leaving the station](https://mr.cdn.ignitecdn.com/client_assets/shareholderintel_com/media/picture/6359/9a37/f49e/9d25/a6d8/af6e/original_test.jpeg?1666816567)
Sprott Gold Bar by Sprott Money is licensed under CC BY 2.0
Sprott Gold Bar by Sprott Money is licensed under CC BY 2.0