Gold,silver move up as dollar dips

Last Updated : 09 May 2011 at 12:10 IST
http://www.commodityonline.com/news/Goldsilver-move-up-as-dollar-dips-38842-3-1.html
SINGAPORE (Commodity Online) : Gold advanced further in Asian trade Monday while Silver rebounded from last week’s plunge as the dollar dropped while bulk buying by some investors also helped. 

Spot gold was seen trading at $1,503.91 an ounce at 1.30 p.m Singapore time after reached a high of $1,504.80 an ounce in early trade while silver was seen trading at $36.14 an ounce after hitting as high as $36.31 in earlier trade. 

The white metal climbed nearly 3 percent Monday as investors took advantage of last week's free fall in prices to enter the market. Silver plunged 27 percent in the previous week, its biggest weekly drop since 1980. 

Meanwhile, the dollar index a measure of the greenback's strength against a basket of currencies, edged down 0.4 percent, from a 2-1/2-week high hit on Friday following unexpectedly strong US. 

The euro strengthened to $1.4381 as of 6:45 a.m. in London from $1.4316 in New York on May 6, when it touched $1.4311, the lowest since April 19. The shared currency gained to 115.95 yen from 115.44, after touching 114.99 in early trading, the weakest since March 29. 

On Friday, Gold for June delivery rose $10.20, or 0.7%, to $1,491.60 an ounce. July silver declined 95 cents, or 2.6%, to settle at $35.29 an ounce. 

All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.