Daily Market Update 04/18/12

GOLD

Gold continues to reinforce its base building today, trading in a narrow $13 high/low range. At 11am PDT today, gold is trading at $1,639.67 per ounce, down $11.43 on normal volume

Market analysts see the unexpected lowering of interest rates in India, caused by economic concerns, to be very bullish for Gold demand and prices. Analysts project an 8% increase in gold demand in India in 2012.The projections could be raised based upon demand during the upcoming Akshaya Tritiya Festival on April 24th. In addition, China’s gold jewelry market is expected to grow by 35% this year.

SILVER

Silver joins Gold today with a narrow trading range of only $0.50 from the highs to the lows. At 11am PDT, Silver is down $0.32 per ounce, trading at $31.51 per ounce on average volume.