4/21/2011 06:09:00 PM
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MCX Fundamental News
Gold and Silver futures on COMEX climb to a record yesterday on weaker dollar and debt concern while inflation fears also supported the Precious Complex.
U.S. Existing Homes Sales and U.S. MBA Mortgage Index rebounded from their prior figures but still the U.S. Housing Market remained in blue.
Gold Trend
Gold June futures on COMEX continue to shine and rise with flying colours and ended the day with a 0.25 percent gain to $1,498.9 per troy ounce yesterday from $1,495.1 per troy ounce on 19th Apr, 2011. Silver May futures on COMEX also ended in green and rose by 1.25 percent to close at $44.461 per troy ounce on 20th Apr, 2011 from $43.913 per troy ounce on 19th Apr, 2011. Investment demand for the white metal continued to be strong and Gold/Silver ratio edged down to 33.4 yesterday from 34.11 the prior day which was also seen in the ETF holdings change. Where the SPDR gold ETF holdings remained unchanged iShares Silver holdings saw an addition of 66.77 tonnes which made the holding stand at 11,183.69 tonnes yesterday. Declining greenback coupled with inflation concerns and uncertainty in U.S. economy and Euro Zone Debt crisis are supporting the Precious Metals.
Silver Trend
Silver prices likely to face resistance at $45.30/troy ounce and $46.13/ troy ounce level on COMEX May futures i.e. at Rs.66,594/kg and Rs.67,543/kg. in MCX May contract. While on lower side prices can take support at $43.73/troy ounce and $42.20/ troy ounce level i.e. at Rs.64,765/kg and Rs.62,936/kg. in MCX May contract.
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