silver prices

By Nicholas Larkin and Glenys Sim  Mar 11, 2014 8:08 AM ET

Bloomberg

Gold prices climbed toward a four-month high in New York as the standoff between Russia and Ukraine spurred demand for a haven. Silver advanced.

Gold, silver prices maintained an upward march on higher global cues while crude saw a mixed trade. Here are experts’ trading strategies for the commodities. Watch below or on Econonic Times: Here.

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Spot gold drifted lower in light trade as the U.S markets geared up for the thanksgiving holiday. Spot gold touched an intraday high of $1730 on the heels of a weaker U.S green back.

Spot gold has remained relatively range bound between $1705 and $1740 as traders squared position on the short work week.

Spot gold retreated on concerns the lingering strike in India will cut into the buying. The yellow metal dealt to an intra-day low of $1654.

“Enthusiasm for precious metals waned as the boost from (Federal Reserve Chairman) Bernanke’s dovish comments the previous day began to fade. Evaporating physical demand also pushed gold lower, dragging down the rest of the complex” Standard Bank said in their daily note.

Another muted day on the metals market as spot gold traded lower to $1683. Traders and investors awaited the FOMC meeting on interest rates.

Spot gold continued losses which started yesterday sliding another $40 to trade to a 1 month low of $1663.

A lack of economic data coupled with concerns of global growth had traders shedding long positions ahead of Friday’s all important U.S jobs report. The U.S dollar was back in favour with investors, the Euro dollar continues to be under pressure as traders questioned whether private creditors will agree to a Greek bond swap deal as a default could be very imminent.

Silver Prices Surging on Near-Record Demand

The price of silver is surging and so is business at many coin dealers across the country. At Plaza Collectibles, an appraisals shop in Manhattan, owner Lee Rosenbloom says he’s seeing a tremendous demand both in new and older silver coins. “This is probably the strongest demand there’s been in the last 25 years,” he says.