Gold and silver prices rose in early U.S. trading on Thursday, after the U.S. inflation report was deemed unproblematic, albeit slightly higher than expected, and U.S. weekly jobless claims unexpectedly increased. December gold rose by $15.60 to $2,641.50, and December silver increased by $0.255 to $30.93.

The just-released U.S. Consumer Price Index for September rose by 0.2% month-on-month, compared to expectations of 0.1%, and increased by 2.4% year-on-year. The August CPI report indicated that the index rose by 2.5% year-on-year. The core CPI (excluding food and energy) rose by 0.3% month-on-month, compared to the expected increase of 0.2%. The core CPI for September increased by 3.3% year-on-year, up from 3.2% in August. Today's CPI report showed a slight uptick, but the number of U.S. weekly jobless claims was higher than expected at 258,000, compared to a trade forecast of 230,000. Overall, today's U.S. data is considered favorable for the metals market and is unlikely to change the trajectory of the Federal Reserve's monetary policy easing before the end of the year.

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The Producer Price Index for September, released on Friday, rose by 0.1% month-on-month, compared to the August report of 0.2%.

Asian and European stock indices mostly strengthened overnight. U.S. stock indices opened lower at the start of trading in New York. Chinese stocks have stabilized after selling off earlier this week.

The main external market today sees the U.S. Dollar Index weakening and slightly declining following the release of today's U.S. data. Crude oil prices on the New York Mercantile Exchange are higher, trading at around $74.75 per barrel. The benchmark 10-year U.S. Treasury bond yield is currently at 4.092%.

Other U.S. economic data released on Thursday includes the weekly jobless claims report, real earnings, the monthly retail chain store sales index, and the monthly Treasury budget statement.

Technically, December gold bulls have a solid overall technical advantage in the short term. The next upside price objective for the bulls is to form a closing price above solid resistance at the contract high of $2,708.70. The next near-term downside price objective for the bears is to push futures prices below solid technical support at $2,572.50. First resistance is at $2,650.00, followed by Tuesday's high at $2,672.40. The first support is at today's low of $2,618.80, then at $2,600.00.

December silver futures bulls have an overall technical advantage in the short term. On the daily bar chart, prices remain in an uptrend for two months, but the bulls need to show new strength soon to maintain momentum. The next upside price objective for bullish silver is a closing price breakthrough above solid technical resistance at the May high of $33.50. The next downside price objective for the bears is a closing price below solid support at $29.00. First resistance is at $31.50, then at $32.00. The next support is expected to be at this week's low of $30.345, then at $30.00.