Daily Market Report 03/25/14

GOLD

Today, Gold is trading in a narrow $12 range, from $1,305 to $1,317 per ounce. There was heavy buying when Gold hit support at $1,305. At 11am PDT today, gold is trading at $1,311, Down $1.70 per ounce on excellent volume.

On Monday, the Iraqi central bank announced that it bought 36 metric tons of Gold, a value of 1.56 billion dollars. The move was made to help stabilize the dinar against foreign currencies, while also adding another Central bank to trade U.S. Dollars for Gold.

The Hong Kong Census and Statistics Department reported today that China’s Gold imports from Hong Kong in February rose to 109.2 metric tons, compared with 83.6 tons in January and 60.9 tons a year earlier. China is seeing increasing demand and as the country allowed more banks to import the precious metal.

SILVER

Silver broke down below the key $20 per ounce support level and quickly moved to $19.87. At that price excellent buying appeared driving it back above $20. At 11am PDT, Silver is down $0.13 per ounce, trading at $20.01 per ounce on large volume.