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Tuesday, March 24, 2015

Another day of gains for bullions at Comex

Gold finishes higher on Monday for a fourth session in a row 


Bullion prices ended higher at Comex on Monday, 23 March 2015. Gold futures finished higher on Monday for a fourth session in a row with concerns surrounding Greece's debt problems and a sharp drop in the U.S. dollar providing support for the metal. 

Gold for April delivery on Comex rose $3.10, or 0.3%, to settle at $1,187.70 an ounce on Comex. 

May silver added less than a penny to $16.891 an ounce. 

Gold ended Friday with a 2.8% gain for the week, while silver jumped around 9%. 

Meanwhile, the gold market took some cues from the latest moves in the dollar which saw a steep decline on Monday. The dollar last week took a breather from a torrid rally that had put pressure on gold and other commodity markets, after the Federal Reserve appeared to signal that rates would rise more slowly than had been anticipated by the market. 

Commodities priced in dollars can trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies. 

Economic data was limited to existing home sales for February, which increased 1.2% from January to an annualized rate of 4.88 million units (consensus 4.90 million). Supply problems continue exerting downward pressure on home sales. Inventories remained at a 4.6 months' supply at the current sales rate for the second consecutive month. During normal periods of market activity, inventories are generally maintained at 6.0 months' supply. 
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