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Friday, April 29, 2016

Silver and Gold Rally on the Weaker Dollar

Silver, Gold Rally on Weaker Dollar

APRIL 29, 2016


Precious metals extend gains on market risk aversion.

LONDON—Silver hit a high of more than a year while gold extended its gains for a fourth consecutive day in London on Friday, as a much weaker dollar triggered demand, particularly from speculative investors.

Spot gold was up 0.7% at $1,274.75 a troy ounce in morning European trade, having hit a seven-week high earlier in the session at $1,280.99 an ounce.

The precious metal has risen 20% since the first trading session in January, propelled higher by the softer dollar and market risk aversion.

Silver rallied as it was swept along in gold’s slipstream.

Spot silver was up 1.4% at $17.772 a troy ounce, having earlier reached a more than one-year high at $17.872 an ounce.

The dollar remained weak Friday following uninspiring first-quarter GDP out of the U.S., as well as decisions by the Federal Reserve and the Bank of Japan to keep monetary policy unchanged earlier in the week. The WSJ Dollar Index was recently down 0.35% at 85.21, making the dollar-priced metal cheaper to buy for this holding other currencies.

“Finding support from the further depreciating U.S. dollar, gold, silver and the rest made noticeable gains,” said analysts at Commerzbank AG .

Coin sales in the U.S. were supporting the rise in precious metal, while exchange-traded funds were seeing outflows, indicating speculative interest as a driver, said the bank.

A cloud on the horizon is the weak demand landscape in key Asian countries. According to ANZ Research, China’s gold consumption fell 3.9% year-over-year to 318.3 tons in the first quarter of 2016.

Additionally, the prospect of further rate increases is expected to keep a lid on prices.

“We are bearish short-term on the gold price as we expect investment demand to pull back as expectations of Fed rate hikes become more hawkish,” said Macquarie.

Among the other base metals, spot platinum was up 1.4% at $1,061.54 an ounce and spot palladium was up 1.2% at $628.09 an ounce.

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