Chinese data push up prices
Bullion metal prices ended substantially higher on Wednesday, 08 May 2013. Comex gold futures ended the U.S. day session with sharp gains Wednesday, boosted by upbeat economic data coming out of China and by bullish outside market forces - a lower U.S. dollar index and firmer crude oil prices. Gold's gains also followed Chinese trade data, which showed a swing to a surplus in April after a small deficit in March.
Gold for June delivery ended higher by $24.9 (1.7%) at $1,473.7 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday.
July silver ended higher by $0.12 cents (0.5%) at $23.93 an ounce on Wednesday.
China on Wednesday reported a trade surplus of $18.2 billion in April compared to expectations of a $15.6 billion surplus. Both imports and exports exceeded market expectations. Asian stock markets were supported on the China news. Also, better-than-expected German industrial production data for April was reported, at up 1.2% when a 0.2% decline was expected. The better China and German data gave a boost to the raw commodity sector, including the precious metals.
Latest economic data from US showed that the weekly MBA Mortgage Index, rose 7.0% to follow last week's increase of 1.8%.
In the currency market, the dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.1% on Wednesday.
At the MCX, gold prices for June delivery closed higher by Rs 371 (1.4%) at Rs 27,093 per ten grams. Prices rose to a high of Rs 27,150 per 10 grams and fell to a low of Rs 26,172 per 10 grams during the day's trading.
At the MCX, silver prices for July delivery closed higher by Rs 45 (0.1%) at Rs 44,906/Kg. Prices opened at Rs 44,882/kg and fell to a low of Rs 44,462/Kg during the day's trading.
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