Closing Gold & Silver Market Report 4/2/2012
JEWELERS’ STRIKE IN INDIA ENDS; PEACE PLAN UNDER WAY IN SYRIA
Gold remained in positive territory in afternoon trading. Loan Smith at Knight Capital Europe Ltd. said a rally in Gold could take off central banks indicate further monetary action. “If the Fed reinstitutes quantitative easing measures later in the year, coupled with rising fiscal deficits and currency debasement among countries in the developed world, then Gold may continue to hold an underlying bid,” Smith wrote in an e-mail.
The jewelers’ strike in India is officially over, with Indian government officials stating they will delay the duty tax on nonbranded Gold jewelry. As the news spread, traders in Mumbai and other parts of the nation began to reopen their stores. “The tax on unbranded jewelry was affecting smaller businesses. It would ensure that several craftsmen would lose their daily earnings and result in large-scale unemployment for several people in the country,” bullion trader Rameshbhai Sanghavi said. He added that deferring the tax would help employment in the country to a large extent, though Gold imports had slipped further in March.
The U.N./Arab League peace envoy confirmed to the United Nations that Syrian troops would not be entering towns and that a pullout of heavy weapons and a troops would be under way. Diplomats verified today that Syria has agreed to meet the April 10 deadline for the initial peace plan. Turkish Foreign Minister Ahmet Davutoglu compared the current condition in Syria with the situation in Bosnia in the 1990s. Davutoglu said, “In the case of Bosnia, the international community was too slow, therefore we lost many people. In the case of Syria, we have to act without delay.”
At 4 p.m. (CDT), the APMEX precious metals spot prices were:
- Gold - $1,678.80 – Up $7.40.
- Silver - $33.03 – Up $.50.
- Platinum - $1,654.50 – Up $11.40.
- Palladium - $657.20 – Up $2.10.
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