August gold futures were last down $6.00 at $1,888.20 and July Comex silver was last up $0.013 at $28.01 an ounce.
On a near-term basis, the gold and silver traders are placing more emphasis on the uptick in bond yields after the CPI report, and less on the bullish implications of rising inflation down the road.
The global marketplace remains calm at present, amid no major geopolitical flareups in play and some typical summertime-doldrums trading occurring.
Rising raw commodity prices and some supply shortages, combined with major economies busting out of their pandemic shackles, have raised the specter of rising and possibly problematic price inflation in the coming months.
Technically, August gold futures bulls have the firm overall near-term technical advantage amid a nine-week-old price uptrend in place on the daily bar chart.
Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at the May high of $28.90 an ounce.