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Thursday, May 17, 2012

Gold and Silver Prices may 17 2012

Gold and Silver Prices may 17 2012 : Gold prices climbed up about 1% on Thursday, rising above its 4 ½ month low as bargain hunters bolstered the demand while steady euro helped metal extend its gains. However, fear of euro-zone debt crisis still looms over and some see-saw movement in the bullion market cannot be ruled out. Silver prices have also edged higher in trading today.

Greek political crisis along with euro-zone’s faltering economic conditions -which is threatening global economic stability- have prompted investors to unwind their positions in gold to cover for losses from other riskier assets like euro and equities.

At last check, Spot gold gained $12.23 an ounce to $1,550.53 after rising to a high of $1,553.36. U.S. gold futures were up by $14, at $1550.60 an ounce, down from session of $1553.7 an ounce.

Earlier on Wednesday, gold plummeted to $ 1,527 an ounce, a lowest year-to-date level, and 20% down from last September-when it touched its peak, indicating the bearish outlook.

Commenting over the sentiment surrounding the bullion market, Lynette Tan, an analyst with Phillip Futures in Singapore, said to Reuters, “For now, we could see some buying on dips below $1,550. The situation in Greece seems uncertain and the outcome could turn the markets either way.”

With regard to gold’s price movement, Lynette said that metal will be firmly range-bound as she said “Investors are currently trading cautiously and we expect gold to be range trading. For now, it's probably between $1,500 and $1,550.”

For the time being, all eyes will be focused on the euro-zone.

While speculations are doing rounds that France and Germany will act to make sure Greece continues to stay in the monetary union, panic button was hit on Wednesday when sources from ECB said that central bank halted monetary operations with some Greek banks as they failed to recapitalize themselves.

Silver futures were up 1.17%, trading at $27.51 an ounce, at last check.

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1 comment:

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