Gold miners are up after the consumer price index was lower than expected.
On Tuesday, the U.S. Labor Department said its much-anticipated Consumer Price Index was unchanged last month at 0.0%, following a 0.4% rise in September. The data came in cooler than expected, as economists were still forecasting a 0.1% increase.
Barrick Gold (TSE: ABX) rallied 2.85% and Newmont (TSE: NGT) gained 4.28%. Overall the gold miners, based on the VanEck Gold Miners ETF, were up 4.59% today, but the gold miners are still down for the year.
Other miners benefited. Copper focused Freeport-McMoRan was up 5%. Teck, which announced yesterday its selling its coal business, was up 2%.