Yesterday, we have posted about silver prices. Today, reported that gold retreated as a rally. Many investors sell and tumble in energy prices in this case.
Gold for June delivery in New York lost 0.8 percent to $1,456.60, retreating from a record $1,478. Respond to this report, Eugen Weinberg, head of commodity research at Commerzbank AG, wrote in a note, “The rally of gold prices has a shaky footing as there have still hardly been any inflows into exchange-traded funds and correction potential is building up."
In the past year, gold soared 26 percent and silver more than doubled as unrest in the Middle East boosted oil, Europe’s governments grappled with a sovereign-debt crisis and Japan was struck by a record earthquake.
On April 11, assets held in exchange-traded products stood at 2,050 metric tons compared with the record 2,114.6 tons on Dec. 20, data from 10 providers show.
Silver still becomes the star. Cash silver shed as much as 1 percent to $39.8375 an ounce after reaching $41.9525 yesterday, the highest level since 1980. It's an amazing reaching.
Ong Yi Ling, Singapore-based analyst with Phillip Futures Pte said, “Sentiment in gold and silver markets will likely be bearish”. It means investor may be want to lock in profits after the recent rally.
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