Last Updated : 28 July 2012 at 13:15 IST
Merkel, Hollande remarks underpin Gold, Silver, Copper
Source :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.
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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.
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