gold Silver prices may 25/05/2011

gold Silver prices may 25/05/2011 : The gold price, at $1,425.50 per ounce, traded near unchanged Wednesday morning amid quiet currency and equity markets. The price of gold held steady following weaker than expected durable goods data, which fell 3.6% in April – steeper than the 2.5% drop expected by a Bloomberg survey of economists. The figure was the weakest in six months as demand for aircraft fell and supply disruptions from the earthquake in Japan negatively impacted the data. Silver prices rallied 1.5% to $37.20 per ounce.

The recent stretch of gains in the gold price continued on Tuesday, as the price of gold rose $8.23 to $1,525.35 per ounce. The price of gold was boosted by lingering sovereign debt concerns in Europe, coupled with cautious commentary from Federal Reserve Governor Elizabeth Duke. With its advance, the gold price climbed to within 3.4% of its all-time record high and extended its year-to-date gain to 7.2%.

Silver rallied alongside the gold price, surging $1.60, or 4.6%, to $36.69 per ounce. Strength in precious metals was fueled by widespread gains in commodities and weakness in the U.S. dollar. The iShares Silver Trust (SLV), the world’s largest silver ETF, jumped $1.50 to $35.77 per share. Despite being 24.6% below its 31-year high of $49.82 reached last month, silver remains higher by 18.6% thus far in 2011.

The rally in gold and silver prices helped lift precious metals equities, evidenced by the 2.6% jump in the Philadelphia Gold & Silver Index (XAU) – its best single-day performance since a 4.5% spike on April 4. Notable gold shares moving higher included Yamana Gold (AUY) and Kinross Gold (KGC), which advanced 3.2% and 2.6%, respectively. Among silver equities, Coeur d’Alene Mines (CDE) and Hecla Mining (HL) rallied 4.9% and 2.5%, respectively. The share prices of gold and silver producers hovered near unchanged Wednesday morning alongside the gold price. For the latest updates PRESS CTR + D or visit Stock Market news Today

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