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- Precious, base metals, Crude Oil may trade negative on weak global sentiments
- Taking cues from decline in spot gold prices coupled with weak global market sentiments, Spot silver prices decreased by 0.53 percent today. However, favourable economic data from Germany along with weakness in DX cushioned sharp fall in the prices.
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NEW YORK (Commodity Online): Precious metals like gold and silver, plus base metals like copper, were bolstered by hopes for a new round of joint bond buying in Europe, said Triland Metals in a snippet.
German Chancellor Angela Merkel and French President Francois Hollande said the country’s are “bound by the deepest duty” to keep the eurozone intact. This came a day after European Central Bank President Mario Draghi pledged to preserve the euro.
Against this backdrop, Comex August gold was $4.30 higher to $1,619.40 an ounce just before the pit close, earlier hitting a seven-week high of $1,628.60, and September silver was up 7.4 cents to $27.520.
Triland continued that, “precious is finding a decent bid as monetary easing comes to the attention again--Draghi, Merkel and Hollande all doing their bit to fuel the rumors that are catching a few (spec) traders short the euro.”
The news led to an uptick in an otherwise “fragile and rotten” currency. Gold often follows the euro. LME copper was up $105 to $7,575 a metric ton.
Prices held up “as Merkel and Hollande made similar remarks which seem to point to the ECB buying further bonds should interest rates escalate,” Triland concluded.
