We saw a strong advance in gold yesterday crossing above the 9 and 14 day moving averages on the back of a weaker US dollar. After a few profit taking sessions, the yellow metal is now back above $1060.00 level and looks ready to challenge the all time high of $1070.68/oz. Silver moved up with gold gaining 28 cents to close at $16.550/oz. The chart shows an outside day for the white metal with the high and the low engulfed by the previous day range which could point to consolidation before the next move.
Gold & Silver
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- Gold was boosted in Asia as the Indian central bank bought nearly half of the 403.3metric tonnes of gold earmarked by the IMF. India reportedly bought 200 tonnes of gold between Oct 19 and Oct 30 said the IMF yesterday
- Paul Mercier, the ECBs Deputy General Director, said that gold would remain an important asset for European banks as part of their risk diversification plan