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ECM: Silver Prices Edge Higher; On Pace for Weekly Decline
 
Silver prices traded higher Friday morning, but were on pace for their fifth consecutive weekly drop as the dollar and global stocks held steady.

Silver for July delivery rose 7 cents or 0.4% to $16.10 a troy ounce on the Comex division of the New York Mercantile Exchange. The grey metal has moved above oversold levels, according to the Relative Strength Index (RSI). The MACD continues to show declining momentum. Price action has also weakened, with the 20-day moving average approaching the 50-day moving average.

The grey metal is likely to face immediate resistance around $16.15. On the downside, immediate support is located around $15.92.
Gold prices posted modest gains on Friday, as investors continued to track developments in global stock markets. Comex gold for August delivery inched up $1.30 or 0.1% to reach $1,213.90. Like silver, gold is also pacing for its fifth consecutive weekly decline.

Spot gold was last seen trading around $1,212.00 a troy ounce, little changed from the previous close.

Meanwhile, platinum prices advanced $4.62 or 0.5% to reach $963.17.

The gold-silver ratio that is used by investors to determine the relative value of precious metals closed at 75.59 on June 2. This essentially states that one ounce of gold is worth 75.59 ounces of silver.

A firmer US dollar has weighed heavily on precious metals over the past four weeks. The data-driven currency is responding favourably to speculation that the Federal Reserve could raise interest rates in the next two months. Rates have been on hold since December, when the Federal Open Market Committee (FOMC) increased the federal funds rate by 25 basis points to 0.5%.

The US dollar index, which tracks the performance of the US currency against a basket of six rivals that includes the euro, yen, pound, franc, Canadian dollar and krona, held steady at 95.58.

The dollar-yen exchange rate held steady Friday morning after sharp declines earlier in the week in the wake of Japan’s decision to delay a proposed tax hike by two-and-a-half years. Prime Minister Shinzo Abe on Wednesday also announced his government would unleash fresh rounds of stimulus in the fall, a clear sign policymakers have lost confidence in their ability to achieve their growth and inflation targets.

The USD/JPY was relatively unchanged at 108.8585.

The US currency held firm against the Canadian dollar, as oil prices continued to struggle above $50 a barrel. On Thursday the Organization of the Petroleum Exporting Countries (OPEC) – a 13-member producer group headed by Saudi Arabia – failed to reach an agreement on output levels. After declining more than 1%, oil prices rebounded in the afternoon following news of another drawdown in US crude inventories last week.

Asian stock markets ended the week on firmer ground, with Japan’s Nikkei 225 index closing up 0.5% on Friday. Mainland China’s Shanghai Shenzhen CSI 300 Index rose 0.7%. The Hong Kong Hang Seng Index also gained 0.4%.

Stock markets advanced throughout Europe on Friday. London’s FTSE 100 Index was up 0.9% through the midday. Germany’s DAX Index also climbed 0.6%.

In economic data, Eurozone retail sales failed to grow in April, raising fresh worries about the economy amid repeated efforts by the European Central Bank (ECB) to stimulate growth.

Retail sales were flat compared with March and rose 1.4% annually, the European Commission’s statistics branch reported Friday. Economists forecast an increase of 0.3% in April.

However, solid Eurozone PMI data supported expectations for continued growth in the currency region. The Eurozone services PMI edged up 0.2 point to 53.3 in May, data from Markit Economics showed. The final Eurozone Composite Index, which captures the performance of manufacturing and non-manufacturing activities, rose to 53.1 in May from 53.0 the prior month.

A reading above 50 is generally associated with an expanding economy, whereas readings below that threshold signal contraction.

The economic calendar begins early on Monday with a TD Securities inflation report for Australia. Later in the day, Germany will produce data on factory orders. In the US session, Federal Reserve Chairwoman Janet Yellen will deliver a speech.

Other key events for the week include revised Eurozone GDP, Chinese trade and inflation and a Reserve Bank of New Zealand (RBNZ) interest rate decision.

Source