Gold and Silver Price Update-Commodities Register Increases as Inflation in China rises

Gold and silver made advances because the risings level of interest in China, coupled with renewed fears about Greece defaulting on its external dept, have increased the demand for these precious metals as safe-havens.

Silver future advanced by 1.47 percent to USD $ 39.05 an ounce. Gold futures increased by 0.40 percent to USD $ 1552.90 an ounce.

The consumer price in China increased by 5.3 percent in Aril from its value one year earlier, higher than the target inflation rate aimed for my the central bank. This has increased fears that inflation from China might seep into other countries too.

Moreover, Standard & Poor last week revised Greece’s credit ratings for the fourth time since 2010,signaling towards the country’s apparently insurmountable amount of debt.