Protestors in Egypt called for the biggest anti-government demonstration yet on Friday since president Hosni Mubarak told state television Thursday night of his resolve to remain in power. For the third time in four months, China raised its interest rates, in a move that shows the world's second-largest economy is trying to slow its surging growth.
The "interest rate hike in China shows real concern about inflation," Wallace Ng, executive director with ABN Amro Securities Asia, told the news service. "We expect more buying from China. That should increase local people’s interest in gold purchases as an inflation hedge."
Shortly after 8:30 a.m. on Friday, gold futures were up 0.21 percent, a $2.80 increase to $1,365.30 per troy ounce. Silver futures were up .30 percent, a 0.091 cent increase to $30.185 per troy ounce. April-delivery platinum was up $4.80 to $1,835.60 per troy ounce. March-delivery palladium was up $3.75 $824.65 per troy ounce.
"Investors are not in a rush to jump back on," analyst Andrey Kryuchenkov of VTB Capital in London told Bloomberg. Egypt remains in focus so the downside will remain limited."
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.