Daily Market Report 03/30/12

GOLD
Gold is back on the bullish track today as the Euro rose versus the U.S. Dollar today, after euro-zone finance ministers agreed to temporarily raise the lending capacity of the region’s rescue funds to 700 billion euros ($934 billion) from €500 billion. This increase is needed, for Spain, a thorn in the Eurozone’s side at the moment. Fears are growing that debt contagion will engulf Spain, forcing it to ask for sizeable monetary assistance. At 11am PDT, Gold is trading at $1,668.70, up $14.10 per ounce on normal weekend volume

Consumer spending in the U.S. rose in February by the most in seven months, showing the biggest part of the economy is strengthening. Purchases climbed 0.8 percent, the largest gain since July, Commerce Department figures showed today in Washington

SILVER
Silver, taking the lead from gold showed strong demand and turned higher today. At 11am PDT, Silver is up $0.43, trading $32.46 per ounce on normal weekend volume.