After session close yesterday, spot gold and spot silver were trending in the
red. Although contract rates moved into green territory as of yesterday's
close, positive index composite trending this morning placed downward pressure
on contract gold and silver prices today. The positive action in the stock
market continued through the first half of the trading session buoyed by
stronger manufacturing data and a better than expected report on first time
filers of unemployment benefit applications. The dollar was losing strength as
the yen shot up higher and gold futures were on the rise once again. At the
halfway point in today's trading session, safe haven asset appeal was on the
rise and so was the floor price for April contract gold. At mid-day, gold
contract for April delivery was trending higher. Specifically at this point,
gold per ounce was up by $9.20 at $1405.30 an ounce. Market index composites
ended the day at with solid gains after two days of drastic losses. The Dow
Jones Industrial Average ended todays session higher by 1.38 percent at
11,774.06. Precious metals ended the session mixed. Contract gold for April
delivery moved higher by .58 percent and finished the day off with a floor price
of $1404.20 an ounce. May contract silver ended lower by .62 percent with a
floor price of $34.26 an ounce. May copper ended higher by 3.49 percent with a
floor price of $4.34 per pound. Author: Camillo Zucari
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