Silver maintains gain in Asia

Last Updated : 10 May 2011 at 11:30 IST

Gold eases, silver maintains gain in Asia

http://www.commodityonline.com/news/Gold-eases-silver-maintains-gain-in-Asia-38878-3-1.html

Read more : gold futures,comex,etf,spot gold

SINGAPORE (Commodity Online) : Gold eased while silver maintained the overnight rebound in Asian trade Tuesday, mainly on the impact of CME’s move to hike trading margins in US crude futures.

Gold for immediate delivery was seen trading at $1509.94 an ounce while gold for June delivery on the comex was at $1510.60 an ounce at 1.00 p.m Singapore time.

Comex silver gained 1.6 percent to $37.70 an ounce. Spot silver was at $37.63 an ounce after posting a 6-percent rally in the previous session, its biggest one-day rise in six months.

The CME Group on Monday hiked margin for trading in US crude futures, after a similar move on silver trading last week.

Analysts said the move affected the yellow metal as sentiment was dampened by it ahead of China's inflation data which may shed light on if and how Beijing will further tighten up its monetary policy.

However they said, concerns over Europe debt crisis, especially that of Greece are expected to limit losses

Consecutive margin hikes in COMEX silver by the CME Group over the past two weeks knocked silver prices down more than 25 percent last week.

On Monday, Silver futures picked up 5 percent while gold topped $1,500 an ounce Monday, rebounding from a rocky week on the U.S. commodity market.

Silver futures rose $1.83, or 5.2 percent, to settle at $37.12 an ounce on the Comex division of the New York Mercantile. Silver closed at $34.92 an ounce Friday.

Gold futures rose $11.60, or 0.8 percent, to settle at $1,503.20 an ounce Monday. The precious metal closed at $1,485.90 on Friday.

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