2011-03-08

Gold and silver benefited from a resurgence in risk aversion and inflationary fears


Gold and silver benefited from a resurgence in risk aversion and inflationary fears, as the conflict in Libya intensified. Gold touched an all-time high, while silver reached a 31-year peak. With nothing much in terms of data flow today, precious metals markets should continue to take direction from developments in the MENA region. The prospect of an easing off of tensions dim, at best, gold and silver should continue to enjoy support from safe-haven buying and inflation-hedge demand.

Gold support is at $1,423 and $1,409. Resistance is at $1,442 and $1,447.

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