Friday 18 April 2014

Forex Outlook: A special view on the metals



      With positive sentiment on the U.S. economy, the Gold futures slid down with a decrease in the demand for the metal. The Gold futures for June delivery hit a low of $1,293.90 an ounce coming down by 0.7 % on the Comex in New York.. 


       Data revealed an increase in the consumer confidence level with the upbeat economy. The lower jobless claims also boosted the confidence. The increase in the Philadelphia factory index depicting an increase in the regional manufacturing further fuelled the sentiments on the greenback. 

These upbeat economic data diminished gold to lower level with a decrease of 1.9 % this week. 

       On the Nymex, the palladium futures for June delivery moved up to $807.10 an ounce, making an increase of 0.6 %. On the Comex, the silver futures for May delivery moved down to $19.596 an ounce, decreasing by 0.2 %. With the labor dispute expected to come to end in South Africa, the world’s biggest producer of platinum, the metal saw a slump down.


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