USD 63.843


EUR 70.6997


BRENT 63.62


AI-92 42.36


AI-95 46.16


AI-98 51.82


Diesel 47.5



Gold Market Comment on April, 28

Precious metals ended higher across the board on Tuesday

According to the data of Standard Bank, precious metals ended higher across the board on Tuesday as platinum surged back towards $850 and the other metals posted solid gains. Gold tracked the euro higher in Asia, reaching $398.50 before easing to $397.15 at the morning fixing in London and it opened around $397 in New York. Stronger than expected April US Consumer Confidence data (92.9 versus expected 88.0) sparked a brief sell-off taking the price to a low of $396.20, where good buying emerged on the floor and a quietly firm afternoon saw gold rise to a high point of $399.10 before ending the day up $2.50 at $398.50 bid. Gold has stabilized well following the recent wave of Fund liquidation with strong physical demand a key factor, however this sector is price sensitive and any rally back above $400 is likely to stall the buying interest. On the charts $390 remains a major point of support and on the upside a band of resistance is located between $402 and $405. Silver was steady in London, reaching a high of $6.29, however it fell back to a low of $6.1850 following the US Consumer Confidence data. A quiet afternoon saw the price rise to $6.2250 bid, a gain of 6 cents on the day. Technically silver is underpinned by support located at $6.10 and $6.00 and the gap on the charts between $6.60 and $6.80 remains of interest to chart watchers. Platinum staged a strong rally in Tokyo with the market rising to $848 by the AM fixing in London and the steady tone was maintained in early New York trading with the PM benchmark set at $850. However liquidation set in after the fixing and the price fell back to $837 bid by the close, representing a gain of $17 on the day. Palladium was uneventful with fixings of $278.50 and $278.00 and a close of $273 bid.