Posted by Swati on Monday, June 13, 2011
Gold Intraday Tips :- Gold traded volatile on Monday and gave up early gains despite a rebound in the euro against the U.S. dollar. Prices are currently lacking impetus to surpass recent peaks and sustain an uptrend fuelled largely by a debt crisis in Europe. Euro edged higher against the dollar, but weakness may come back in the counter, weighed down by concern about how to handle Greece's debt crisis and diminished expectations about euro zone rate hikes. Gold prices are expected to trade in a volatile manner amid deserted physical market as jewelers are not clear about prices direction. Bullion market in top consumer India is also weak ahead of the monsoon season. Investors may take cues from inflation data of world's top gold producer China and manufacturing activity data of U.S. The safe haven demand of gold is still supported by current global scenario of Greece debt crisis and MENA unrest whereas the fluctuating dollar and fall in gold holdings of SPDR may discourage investors to remain bullish in gold.
Silver Intraday Tips :- Silver remained choppy on Monday, after slipping to a new intermediate low level on faltering growth prospects of major economies and discouraged industrial demand for metal. Dollar slipped against basket of currencies. The unchanged silver holdings in iShare silver trust indicate investor's interest intact with white metal. However slackening physical market ahead of monsoon season may dampen gains. The prices may remain volatile as the fundamentals for safe haven demand for bullion is still supporting in the preview of European debt concern and Middle East crisis. Investors may take trading cues from manufacturing data of US and inflation data from China in near term.
at 5:25 PM
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