Yellow metal futures for June delivery added $0.30 cents to $1,481.90 per ounce in electronic trading on Friday after going down by 2.20% or $33.90 to $1,481.40 per ounce on Thursday, the lowest settlement for gold contract since April 14, as well as the biggest one day percentage loss since last half of March.
The US dollar remained steady following a key US jobs report due later in the global trading day. The greenback had soared on Thursday over the slump in commodity prices.
CME Group, which owns Comex and Nymex, publicized two additional margin requirement increases, effective at the end of close Thursday and Monday.
According to analysts, higher margin requirements to trade silver, had ignited the selling of the metal on a large scale that begun on Monday and also pulled down other commodities with it.
The precious metals, gold and silver, surged in recent months over geopolitical concerns, while several developing countries hiked interest rates to confront the inflation.
Silver for July delivery slumped 8.00% or $3.15 to settle at $36.24 per ounce on the New York Mercantile Exchange, the lowest traded value for silver contract since March 21, while it also reported the largest intraday percentage drop since December 1, 2008
The white metal had increased nearly 60.00% for the year. It had attracted new traders, many of them were retail investors who earlier left gold trading, which rose past $1,500 per ounce and hit a record high just last Friday. Source www.usamarketnews.com... For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment