TD Securities sees potential for silver to eventually outperform gold if the U.S. Federal Open Market Committee becomes more dovish, with the metal getting a short-covering bounce, in particular.
The country’s gold jewellery exports during the initial quarter of the fiscal declined sharply by over 30%.
While hedge funds are feeling a little bit more optimistic on gold, more work needs to be done in the silver market, according to some analysts, since the market continues to attract short selling.
The most recent trade statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests drastic decline in gold jewellery exports by India during the month of June this year.
China’s silver imports have been robust so far this year, pointed out Commerzbank.
A U.S. Federal Open Market Committee meeting this week may not have much impact on gold and other markets, but there could be some volatility as a result of economic data.
Gold prices are slightly up and scored a four-week high in early U.S. trading Monday.
Gold prices were ending the U.S. day session near steady Monday, after hitting a four-week high earlier in the day.
Russian central bank has trimmed gold purchases last month, while China’s central bank remained on the sidelines, said Commerzbank in an analysis of data released monthly.
The daily scrap gold and silver prices - hallmarked and non- hallmarked moved higher from previous day on Friday, 21st July.
China’s copper imports fell sharply in the first half of 2017, according to China Customs.
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