Wednesday, 6 July 2016

Gold Price recovers but Silver struggles to return to highs

The gold price was positive on Wednesday as uncertainty surrounding global growth and monetary stimulus measures helped to bolster the yellow metal’s appeal. Get ‪Gold‬ Price Forecast, Analysis & Prediction for more Daily Live ‪‎Commodity‬ Market, Gold/Silver Mcx, Bullion Market and Crudeoil News Updates Just Visit Us at www.marketmagnify.com/freetrial.php or Get Free Trials Just Call @911-110-48-06

Spot gold was last at $1,366.30/1,266.70 per ounce and up $6.80 on the previous day’s close. In Asian trading it hit a fresh two-year high of $1,371.20. “Financial markets appear to have taken a more realistic view around the complexity and uncertainty characterising the global political background and associated impact on already lacklustre economic growth. 

This suggests the tug-a-war between more central bank support and economic fundamentals is going to increase, driving market volatility,” Earlier the pound fell to its cheapest in 31 years to $1.2795 as Brexit concerns continued to dampen sentiment.The key focus today will be the minutes from the US FOMC meeting – this will be eyed for further signals as to what the country will do with interest rates.

In data, German factory orders were flat. Later the US has its trade balance, final services PMI and ISM non-manufacturing PMI.Silver was holding above $20 at $20.170/20.200 but has failed to reach the two-year high it peaked to on Monday when it soared above $21. Platinum was $1 lower at $1,064/1,074, while palladium was stuck under $600 at $598.

No comments:

Post a Comment