Precious metals futures were swinging upward Tuesday morning as reports about inflation picking up and gaining steam surfaced, Bloomberg reports.
Just before 10:30 a.m., gold futures were up 0.51 percent, a $6.90 gain to $1,372 per troy ounce. Silver futures were up 0.25 percent, a 0.076 cent increase to $30.610 per troy ounce.
"With inflation concerns heating up and the metals underpinned by a mix of physical and investment demand it looks as if further gains are in the pipeline," according to a report by James Moore, an analyst at TheBullionDesk.com in London.
A report indicated inflation in the U.K. moved more quickly than it had in more than two years. Last month in China, consumers endured an increase that was 4.9 percent higher than the inflation rate from January 2010. Government forecasters had not anticipated such rapid movement and sharp inflation.
April-delivery platinum was up 7.4 percent to $1,835 per troy ounce. March-delivery palladium was up 7.6 percent to 840.40 per troy ounce.
Many analysts are closely viewing precious metal futures and expecting them to pick up and resume climbing as they did in 2010.
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