4/11/2011 05:43:00 PM
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Gold June futures on COMEX rose by 1.01 percent to $1,474.1 per troy ounce on 8 th Apr, 2011 from $1,459.3 per troy ounce the prior day while Silver also ended the week in green and rose by 2.67 percent to $40.608 per troy ounce from $39.552 per troy ounce the prior day. Holdings at iShares Silver Trust increased to record high on 8th Apr, 2011 and rose by 50.09 tonnes to 11,242.89 tonnes while holdings at SPDR Gold ETF remained unchanged at 1,217.21 tonnes. Gold/Silver ratio edged down further to 36.18 on 8th Apr, 2011 indicating strong investment demand for the white metal. The ratio stood at 36.88 on 7th Arp, 2011.
Silver prices likely to face resistance at $41.81/troy ounce level on COMEX May futures i.e. at Rs.61,800/kg and Rs.62,700/kg in MCX May contract. While on lower side prices can take support at $39.7/troy ounce level i.e. at Rs.60,500/kg and Rs.59,870/kg in MCX May contract.
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