Gold and Silver News

Oct. 29 (Bloomberg) -- Silver may jump to $20 an ounce next year supported by a weaker dollar and increased industrial and investment demand, according to Bank of America Merrill Lynch, which dubbed the metal “the golden child.”
Silver, which traded today at $16.28 an ounce, has doubled from last year’s low as the U.S. currency dropped and central banks cut interest rates, Michael Widmer and other strategists wrote in a report received yesterday. “Looking forward, exchange rates are set to support silver,” the report said.

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Oct. 27

Gold futures on the COMEX Division of the New York Mercantile Exchange dropped to a new three-week low on Tuesday as U.S. dollar continued to recover after the release of a worse-than-expected low consumer confidence data. Silver and platinum both dropped.
    The most active gold contract for December delivery dropped 7.40 U.S. dollars, or 0.7 percent, to finish at 1,035.40 dollars an ounce. It touched as low as 1,032.90, the weakest level since Oct.6.
    The U.S. consumers' confidence fell unexpectedly in October. The Consumer Confidence Index, released by the Conference Board, sank to its second-lowest reading of 47.7 since May. This is well below economists' expectations of 53.1.
    This discouraging data fueled dollar's appeal of safe-haven in view of economy turmoil. By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against a basket of major currencies, rose 0.275 to 76.47, a new peak in two weeks. The concerns that the dollar's rally might erode gold's demand of hedge pressured the precious metal to extend declines.
    December silver was down 55.5 cents to 16.54 dollars per ounce. January platinum lost 26.80 dollars to 1,319 dollars an ounce.     

Coutesy of SPVTrading

Gold futures on the COMEX Division of the New York Mercantile Exchange closed much lower and touched a 3-week low on Monday as U.S. dollar strongly recovered from its 14-month low. Silver and platinum both dropped.     The most active gold contract for December delivery dropped 13.60 U.S. dollars, or 1.3 percent, to finish at 1,042.80 dollars an ounce. It tumbled to as low as 1,041.10 dollars shortly before pit trading closed. That is also the weakest level since Oct. 7. 

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 Silver continued forward march on the bullion market here today due to sustained demand from industrial users amid higher New York advices.

Gold, however, moved down owing to lack of local buying interest.

In New York, gold futures fell on Friday as a rebounding dollar curbed its investment appeal.

December silver rose by 17.8 cents to $17.723 an ounce.

However, December gold futures ended down by $2.20 to $1,056.40 an ounce on the Comex division of the New York Mercantile Exchange.

October 22, 2009 06:20 ET (10:20 GMT)

HONG KONG (Dow Jones)--China imported 112 metric tons of gold in 2008, an executive at China Minsheng Banking Corp. (600016.SH) said Thursday.

A rise in net imports was driven by 176% growth in investment demand for the yellow metal, which hit 68 tons, and 21% growth in jewelry demand to 326 tons, said Lila Lu, the Beijing-based head of precious metals at China Minsheng Bank.

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Author: Lewa Pardomuan (Reuters)
Posted:  Thursday , 22 Oct 2009


HONG KONG (Reuters) - 
 Record high gold prices above $1,000 an ounce may encourage more Indian buyers to turn to much cheaper silver, a senior trade official from the world's top bullion consuming country said on Thursday.
"Even today the rural Indian invests more into silver than gold. Higher prices of gold imply even the lower middle class population shifting to silver more compared to gold," said Anjani Sinha, president of the Indian Bullion Market Association, which represents about 10,000 jewellers.
While silver has seen a much sharper price rise in the last 12 months, gaining 86% versus a 45% gain for gold, at $17.67 an ounce it is still nearly a fifth below its record high of March last year.
In contrast gold's latest rally has driven it well past the March 2008 high to a record just above $1,070 an ounce.

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