Futures Market News
Gold, silver futures climb after slump
Apr 04, 2011 07:58 AM
Gold futures were pushing up Monday morning following a national holiday in China that made the market less active. The precious metal was also boosted by strong economic data issued on Friday, Dow Jones Newswires reports.
Silver futures pushed beyond their 31-year-high prices, which was $38.16 per troy ounce.
"Good physical demand was seen under $1,420 on a scale-down basis, thus absorbing some of the liquidation due to the payrolls move," according to MKS Finance.
Shortly after 8:30 a.m. on Monday, gold futures were up 0.70 percent, a $10 increase to $1,438.90 per troy ounce. Silver futures were up 1.97 percent, a 0.743 cent rise to $38.475 per troy ounce.
The resiliency that gold demonstrated after Friday, which saw the precious metal slump then rebound, demonstrates its strength and ability to continue rising, according to one analyst.
"The price action appears to be consolidating the January $1,308 to March $1,444 up move," according to a note from Scotia Mocatta. "We believe the price action is continuation in nature, with an eventual resolve to the topside to $1,500."
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