Daily Market Update 04/10/12

GOLD

Gold as your ultimate safe haven investment re-emerged today, as concerns over a possible default of Spain’s sovereign debt and Spanish bank liquidity problems drove gold up $20 per ounce in just 30 minutes. At 11am PDT, Gold is trading at $1,658 per ounce, up $13.40 per ounce on a heavy volume of trading.

Today, Standard Bank forecast gold prices to average $1,790 an ounce in 2012. "Over the short term, we concur with the caution evident in the current futures market and ETF positioning," the bank said in a note to clients. However, the bank said it expects the prices to move higher, most likely in the second half of 2012.

China posted a trade surplus for March today, reversing a massive deficit from the previous month; but data showed exports were still weak owing to the economic woes in major overseas markets. The country recorded a trade surplus of $5.35 billion for the month, as outward shipments rose 8.9 percent to $165.66 billion, Chinese customs said.

SILVER

Physical demand for Silver continues to increase in Asia, and is expected to increase as we approach India’s gift-giving Akshaya Tritiya festival on April 24. At 11am PDT, Silver is down $0.14 per ounce, trading at $31.66 per ounce on active volume.