4/07/2011 05:51:00 PM
Your Advisor
MCX Bullion Trend
Gold June futures and Silver May futures on COMEX touched an intraday high of $1,463.7 troy ounce and $39.785 per troy ounce yesterday. Euro which had earlier got pressurized yesterday rebounded later in the evening on the prospects of an interest rate hike by the European Central Bank scheduled today. Euro rose against the dollar by 0.79 percent while Dollar Index fell by 0.51 percent. A weaker greenback coupled with the ongoing Middle East Crisis supported the Precious Metals complex.
Gold/Silver ratio edged down further to a 28 year low and closed at 36.96 yesterday from 37.07 the prior day indicating strength in the investment demand for the white metal as compared to gold. Holdings at iShares Silver trust remained unchanged at a record high while that of SPDR Gold ETF saw a redemption by 7.28 tonnes to 1,205.47 tonnes which also testified the strong investment demand for Silver.
Silver Trend
Silver prices likely to face resistance at $39.7/troy ounce and $40.1/troy ounce level on COMEX May futures i.e. at Rs.58,061/kg and Rs.58,414/kg in MCX May contract. While on lower side prices can take support at $39.1/troy ounce and $38.4/troy ounce level i.e. at Rs.57,434/kg and Rs.56,807/kg in MCX May contract.
