Closing Gold & Silver Report 4/10/2012
GOLD’S SAFE-HAVEN APPEAL RETURNS; OIL PRICES TO SLOW EUROPE
The Gold price continues to rise as the yellow metal’s safe-haven appeal is returning. Analysts at Barclays commented on how jewelers in India have reopened retail stores after a 20-day strike over a possible increase in taxes on non-branded Gold purchases. and how the stores being open ahead of the Hindu festival in April will affect Gold. Analysts wrote that the stores are reopening ahead of a Hindu festival in April “when demand for Gold is prominent, which should support prices in the near term.”
The eurozone is trying to plan for a strong economic recovery over the next few years, now that the Greek debt crisis seems to be contained. But a 10 percent hike in oil prices will slow annual growth by an estimated 0.2 percent for the next three years and will financially hurt European citizens. ING economist Carsten Brzeski said, “Consumers in the south are already squeezed as they lost wealth in real estate and stocks. A high oil price on top of this should again be one of the factors contributing to divergence rather than convergence in the eurozone.”
At 4 p.m. (CDT), the APMEX precious metals spot prices were:
- Gold - $1,661.30 – Up $16.90.
- Silver - $31.83 – Up $0.25.
- Platinum - $1,600.60 – Down $16.60.
- Palladium - $643.50 – Down $1.30.
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