Gold, Silver may come under pressure today: Angel

Angel Commodities has come out with its report on bullions. According to the research firm Gold and silverprices are expected to come under pressure today as concerns over Greece rise and this could lead to risk aversion in the global markets today.

Gold
In the last week, Spot Gold prices gained 1.7 percent, taking cues from dollar weakness and stable global market sentiments. The yellow metal has been performing like a risky asset in the recent times and with upbeat market sentiments in the last week, the usually considered safe-haven asset also witnessed upside, rising along with other higher-yielding and riskier investment assets. But Spot Gold slipped from a weekly high of $1670/oz and succumbed to downside pressure on Thursday as concerns over Europe reemerged. Although global markets are seeing a return of positivity on account of improving US economic scenario and expectations of a reversal in Chinese monetary policy, the grim scenario with respect to the Euro Zone crisis continue. By the end of the last week, we saw that worries regarding Greece re-emerged and this led to a return of risk aversion in the global financial markets.

Silver
Silver prices gained a whopping 8 percent in the last week in the international markets. The white metal took cues from upside in gold and also moved higher on expectations of easing in the Chinese monetary policy in the near future. The US Dollar Index weakened around 1.6 percent and this too supported upside in prices.

Outlook
Gold and silver prices are expected to come under pressure today as concerns over Greece rise and this could lead to risk aversion in the global markets today. This coupled with dollar strength will add downside pressure on prices. – MoneyControl

Tags: price of silver, Silver, silver analysis, silver futures, silver futures prices, silver news, silver price, silver prices, silver spot, spot silver

Posted by Silver Guru on Jan 24 2012. Filed under Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry