Monday, 2 February 2015

Precious Metals Report on Commodity Market

Bullion faced highly volatile week with gold commodity making zig-zag movements following economy cues from the US over FOMC and US GDP data.

Gold initially rose last week, however fell during middle sessions following the FED meeting update. Nevertheless, Friday’s subdued US GDP number supported it to trim losses and close down by just 1% to $1280 per ounce.

Silver commodity at Comex platform also faced mercurial trade in the past week with the commodity largely following the direction being depicted by the big brother gold.

On a weekly comparison though, the commodity which has a high beta saw its monthly gains almost halve, losing over 6% to $17.15 per ounce with all of its losses coming post the FOMC monetary policy update.

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