By Barry Stuppler – MintStateGold.com
At 11am PDT, Gold is trading at $1,646.90, down $9.50 per ounce on moderate volume. The gold market traded on a thin $22 price range awaiting firm news and hopefully a solution from European leaders about the Sovereign debt problems. Standard and Poor’s downgraded 24 Italian banks credit rating today as the European Debt crisis continues.
Silver is down $0.59 at 11am PDT, trading at $31.31 per ounce on light trading with very little news to report.
Other Important news that affects precious metal prices:
The Commerce Department reported today that new housing starts surged 15% in September, the highest level in one-and-a-half years. Starts rose to a seasonally adjusted annual rate of 658,000, 10.2% above the September 2010 reading and the best level since April 2010.
U.S. consumer prices rose a seasonally adjusted 0.3% in September, while so-called core prices rose a lesser 0.1%, the Labor Department reported Wednesday.