Gold and silver extend lowest since 2010 as stronger US dollar

Gold and silver extend lowest since 2010 as stronger US dollar

Gold and silver prices extended their losing trade run to a fourth session on Monday to trade near its lowest level in more than 4 years, with a stronger US dollar and potential likely to keep them in pressure selling technique.

Precious metals took away beat up on Friday after the Bank of Japan boosted stimulus and the Federal Reserve ended asset purchases, boosted the yen falling to a seven-year low against the dollar. Silver retreated to the lowest level since 2010.

On Monday, the dollar hit a four year high against a basket of major currencies, further aggravating bullion’s appeal as a hedge. Indian rupee opens lower at 61.49 per dollar. Most Asian currencies were trading lower. The South Korean won was down 0.59%, Malaysian ringgit fell 0.45%, Japanese yen 0.35%, Philippines Peso 0.22%, Indonesian rupiah 0.17%, Singapore dollar 0.13%, Taiwan dollar 0.1% and China renminbi 0.1%.

Gold crowned the first back to back monthly fall of 2,014 last week after slipping $ 1161.35, the lowest price since July 2010. While the Federal Reserve is now evaluating the timing of gains interest rates from other banks exchanges are taking measures to boost their economies, stimulating Bloomberg dollar spot rate for up to four years. Societe General SA and Goldman Sachs Group Inc. are among banks that expect more losses for gold.

Gold was unable to find support from the physical market on top of consuming Asia.

“The next support for gold is approximately $ 1.155 to 60 but not too much support below in the cards. If we do not recover quickly higher than $ 1,180, we are seeing this as a high degree of resistance.”

Spot gold was fell 1 percent on Monday before rebounding slightly to trade down 0.6 percent to $ 1166.95 an ounce. It fell to the lowest level since July 2010 to $ 1161.25 on Friday, before closing 2 percent.

Comex Gold for December delivery dropped as well as 0.9 percent to $ 1.161 an ounce and quoted at $ 1166.10. Futures fell to $ 1160.50 on 31 October, the lowest level since July 2010.

Silver lost as long as 2.4 percent to $ 15.7711 an ounce, the lowest price since February 2010. Both metals declined for a fourth day since the dollar rose to a seven-year high versus the yen.

“At the MCX Gold December futures declined by 0.27% on MCX at Rs 26,064 and Silver at after a sharp fall at Rs 35,402. Gold is expected to be around Rs 25,500 level in December, following which can begin to specify in greater demand resulting from lower prices.” 100McxTips bullion experts said.


For latest commodity market tips, MCX tips, news & updates  with 100McxTips Commodity Advisory, follow us on Twitter and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Mcx trading tips free trial


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: