IGI Logo

Below the Quote on gold Commentary by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd

Gold gave back some of yesterday’s gains as easing trade tensions curbed haven buying. However, silver surged to its highest level in 13 years, triggered by improving fundamentals and technical momentum. After underperforming against gold, silver has suddenly attracted interest from investors, catching up to Gold's pace. U.S. President Donald Trump and Chinese leader Xi Jinping agreed to further talks to settle trade disputes. President Trump said on social media that the talks focused primarily on trade led to "a very positive conclusion, however Chinese officials had a different opinion. Meanwhile, after a lower private payroll data, weekly U.S. jobless claims increased for a second straight week. Gold/Silver ratio reversed from the recent highs and marked a low of 94 in yesterday's session. Holdings into silver-backed ETFs are up 2.2moz on Wednesday. Focus today shifts to US non-farm payroll and Unemployment rate which could decide further direction for both metals.

Above views are of the author and not of the website kindly read disclaimer