Daily Market Report 4/5/13

GOLD

Weaker than expected U.S. non-farm employment numbers, combined with a sell-off of the U.S. Dollar versus the Euro, helped Gold rally today. This morning I noticed that a good number of commodity floor traders were covering their short sales ahead of the weekend. Many of the CME commodity professionals shorted Gold on Tuesday when it didn’t hold the $1,580 per ounce support line. All three of these factors have fueled today’s Gold buying.

At 11am PDT, today Gold is trading at $1,577 per ounce, up $23 per ounce on excellent volume for a Friday.

Low Gold price projected to increase India’s demand

Gold imports by India are estimated to increase 31% this quarter after the price dropped to a 10-month low and festivals and weddings spur sales of jewelry. India’s purchases may climb to 200 metric tons in the three months through June from 153 tons a year earlier. Read the complete article at http://www.mintstategold.com/investor-education/India_gold_imports_climbing/

SILVER

Silver showed a little bit of short covering in the trading pit today ahead of the weekend. Silver needs to rally above $28 per ounce, or sell-off hitting major support at $26 per ounce, to look attractive.

At 11am PDT today, Silver is up $0.48 per ounce, trading at $27.25 per ounce on normal volume.