HELSINKI: Finland’s Gold and silver prices remained stagnant at this week trading, the trading range of $1210 to $1185 for gold and $16.60 to $16.00 for silver. There were several attempts by sellers to force prices to break down, but from the price action there appeared to be buyers waiting for the opportunity.
The result was that yesterday gold rallied to as high as $1209 and silver to $16.50, though they closed well under these best levels when a senior Federal Open Market Committee member warned that interest rates would not remain at zero for ever. Comex volumes in gold were light though they were better in silver.
Physical demand for gold continues to be strong, with the news that India imported 125 tonnes in March, while Shanghai Gold Exchange deliveries totalled a further 195 tonnes. Global mine production on a monthly basis is about 250 tonnes, so the markets must have delivered a net 70 tonnes more than this production to satisfy just two Asian sources of demand.
