Daily Market Report 7/29/13

GOLD

Gold futures rose today, as we prepare for a heavy schedule this week of central-bank meetings and economic data that could shape the near-term price outlook for Gold and Silver.

At 11am PDT today, Gold is up $6 per ounce, trading at $1,328 per ounce on excellent volume.

Indian Investors continue to buy Gold at record pace

Gold imports in India, the world’s biggest buyer of the metal, rose in July. Finance Minister P. Chidambaram said this morning that measures to curb Gold imports had an effect in June, but imports had risen in July, without giving details for the Gold imports in tonnage or value terms for July. Last week, India, which imported an all-time record high 304 tonnes of the yellow metal in April and May, tied the imports of the metal for domestic consumption to exports.

SILVER

Silver continues to have a hard time staying above the $20 per ounce resistance level. Earlier today Silver did reach $20.25 per ounce, but couldn’t hold.

At 11am PDT today, Silver is trading at $19.91 per ounce, up $0.11 on better than average volume.