Tuesday 3rd March 2010
March began with a lot more uncertainties in the global markets. The additional boost of the US dollar adds to uncertainty of the overall markets.
Though the prices of gold held up fairly good, by trading largely around $1115/ounce, the $1125 resistance area still could not be overcome.
The remaining other precious metals Silver/Platinum/Palladium too displayed mixed reactions in the later trading hours, owing to the euro/sterling/dollar currency trading market pits activity.
Owing to the Chile earthquake, speculators jumped on the trades of Copper and all other metals, though analysts expect negligible long-term impact to the Copper markets due to Chile‘s recent earthquake problems.
Buyers of gold in India once again were affected following the rise in the import duty of precious metals, imposed by the Indian government.