Daily Market Report 6/4/13

GOLD

There continues to be a tug-of-war in the Gold pits around the $1,400 per ounce support/resistance level. Today we saw Gold sell off from $1,415 per ounce down to $1,389 per ounce before seeing sizeable demand.

At 11am PDT today, Gold is down $15 per ounce, trading at $1,398 per ounce on average volume.

The morning’s negative news that caused Gold to fall back below $1,400 an ounce was concerns that India’s Gold demand would weaken after the government further restricted imports of the metal. The Reserve Bank of India extended its Gold import restrictions, which were introduced last month. The announcement said that any imports of Gold will only be allowed to meet exporters’ need of Gold jewelry. This news came after India’s Gold imports jumped to around 162 tonnes in May, up from 142.5 tonnes in April.

SILVER

Silver is also locked in a narrow trading range between $22 and $23 per ounce, and is waiting for direction from Gold.

At 11am PDT Silver is trading at $22.45, down $0.35 on light volume.