Metals market: precious assets grow as U.S. publishes weak data

10.04.2012 14:21
Metals market: precious assets grow as U.S. publishes weak data

YEREVAN, April 10. /ARKA/. Quotes for precious metals reported rise on the first day of the trading week. Gold prices climbed 1.37% to 1,652.39 USD per troy ounce after U.S. published unfavorable macroeconomic data on Friday and due to sustainable rate of the main currency pair in FOREX international currency market.

The rise in gold prices was also prompted by the news from India where on Friday the jewelers stopped their twenty-day strike protesting against new taxes on gold trading. Silver quotes have also advanced 0.25% to 31.80 USD per troy ounce, as weaker than expected statistics from the U.S. labor market increased the possibility of preserving soft monetary and credit policy of the American regulator.

Prices for other precious metals, such as platinum and palladium also increased. Platinum had the highest growth index: it jumped by 1.31% to 1,628.0 USD per troy ounce. Palladium advanced 0.97% to 651.30 USD.

On Tuesday , April 10, during the Asian trading session the prices for precious metals raised after Bernanke made circumspect statements in Atlanta related to the possible need for the further regulation measures. However, the rise in quotes for precious metals was not long -lasting, as Bernanke didn’t comment on the possibility to further soften monetary and credit policy of the American regulator. Favorable economic statistics from China’s foreign trade also positively encouraged the market members.

In the short-term perspective the prices for precious metals will continue depending on American currency dynamics. If U.S. dollar continues falling, metals quotes may continue growing. Positive news from Spain on reducing expenses by 10 billion euros via cutting healthcare and education expenses can also ensure U.S. dollar’s tumble, thus supporting rise in quotes for metals.

Anticipated fluctuation range of gold prices on Tuesday may be 1,640 – 1,663 USD per troy ounce, and 30.75 – 32.65 USD per troy ounce for silver.

Mikael Verdyan, an analyst at FOREX CLUB, specially for ARKA news agency.

The opinion of the author does not necessarily reflect that of the agency. --0--


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