A renewed weakening in the US dollar which hit another fresh low for the year against the euro was undoubtedly the supportive factor for a sharp rebound in gold. Some analysts also mentioned the possibility of another bullish influence coming from the Asian Development Bank which reported a positive readjustment in its economic forecast. As a consequence gold moved $12.60 higher remaining on course to challenge the recent high at $1024.00/oz. However there is the risk of a correction if gold fails to break resistance at the abovementioned level. Silver closed higher with gold on the back of the same record low posted by the US currency settling back above the $17.000/oz mark.
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Gold & Silver

METAL

LEVEL

CHANGE

GOLD

1017.00

(+12.60)

SILVER

17.200

(+0.36)

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