The stronger US Dollar helped push the price of gold lower in trading, but we remain in a tight range, with $1,150 providing some support. There appears to be a two-way pull, with market bears pointing to ongoing concerns over the Greek fiscal situation, and market bulls pointing to positive economic data, and some better-than-expected corporate numbers.
Gold & Silver
- Retail Sales figures in the US came in at 1.6%, beating market consensus of 1.2%. This, coupled with the impressive non farms, has given market bulls a genuine belief that the worst is over
- Chinese economic growth moved to 11.9% in Q1 2010 underpinned by the governments stimulus package
- The S&P 500 finished over the 1200 level for the first time in 19 months as equity markets rallied in response to positive economic data and strong corporate results
- Leading think tanks in Germany forecast that the German economy will grow by 1.5% this year, and 1.4% during 2011
Major Economic News