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Spot silver gained 0.2 percent to $35.29, on course for a rise of 18 percent from a month earlier

Spot silver gained 0.2 percent to $35.29, on course for a rise of 18 percent from a month earlier, its biggest monthly climb since April.

Spot gold prices held steady on Monday, after staging its biggest weekly rise in two months on a plan to contain the euro zone’s debt crisis, while investors are awaiting a key Group of 20 meeting later this week for further trading cues.

Spot gold edged up 0.1 percent to $1,741.34 an ounce by 0033 GMT, headed for a monthly gain of more than 7 percent, after dropping nearly 11 percent in the previous month.

U.S. gold inched down 0.2 percent to $1,743.50, on course for a 7.5-percent monthly rise.

After a European Union summit last week came up with a plan to tackle its debt crisis, investors will focus on a G20 summit this week, which will be watched for coordinated efforts or pledges to help stabilise world financial markets.

U.S. consumer sentiment improved in October for the second month in a row as consumers felt more upbeat about the economy’s prospects, a survey released on Friday showed.

Money managers, including hedge funds and other large speculators, raised their bullish bets in gold futures and options to the highest in four weeks, as the price of bullion rose to a one-month high above $1,700 an ounce.

U.S. stocks closed out a fourth week of gains in quiet fashion on Friday, edging higher as the market took a breather after rallying 3 percent on Europe’s deal to stem its debt crisis.

The dollar edged to a fresh record low against the yen early in Asia on Monday as stops were triggered in very thin trade, keeping alive the threat of intervention from Japanese authorities. – Reuters

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Posted by on Oct 31 2011. 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

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