Gold and silver prices dips

 

 

Gold and silver prices at the bullion market toady is down due to slackening demand from jewellers.

A weak dollar has helped gold to its best quarter in nearly 30years. Gold is also a traditional “safe haven “ in troubled economic times and market volatility.

According to one analysts “the strengthening of the US labour market will force the Fed to hike rates three times this year, which will lead to a stronger dollar and a gradual increase in US real rates pushing gold down”.

After reaching a five-week high yesterday, the precious metal dropped to $1,247.26 an ounce, a 0.2 per cent almost $25 lower than yesterday’s $1,270.10. Silver rose 1.6 per cent to $17.26 an ounce.

Back in September 2011, gold entered a bull market, it reached its all-time peak of £,1900 an ounce, and since 1970 there have been five gold bull markets, each lasting an average of 63 months and returning an average 385 per cent.

Oil price falling was good news for gold, with Spot gold peaking at $1, 239.30 an ounce in Asia trading.