|
Gold: Gold fell more than 1 percent on Friday
as the dollar advanced versus the yen and the euro, putting the metal on track
to post its second straight weekly loss, while silver was set for its third
consecutive weekly rise. The dollar was up 2 percent against the yen on
speculation the Bank of Japan was considering applying negative rates to its
lending program for financial institutions, effectively starting to pay banks
to borrow its cash. Goldman Sachs maintained its bearish view on gold and other
commodities on Friday, and reiterated its recommendation to short gold. The
U.S. Federal Reserve will meet for a two-day policy meeting April 26- 27. HSBC
said the gold and silver rallies could be running into headwinds. Outlook We
expect gold prices to trade negative on the back of strength in US dollar
Silver: Silver turned lower and was down 0.1
percent at $16.97 an ounce, below the prior session's 11-month high of $17.69.
It was up 4.6 percent for the week. Silver's rally this week has been helped by
optimism over Chinese growth. Outlook We expect silver prices to trade negative
on the back of profit booking after sharp up-move in prices.
No comments:
Post a Comment