04 March 2011

Gold price rises as much as 1%, Silver price rises as much as 3%

Mid East North Africa Tensions combine with Federal Reserve Rate Hold and QE Continuation to Boost Precious metals into the weekend

Continued middle east and north Africa tensions continued unabated today, with reports of fresh violence in Libya and further demonstrations in Yemen. These developments on an ordinary day would have been supportive of Gold and Silver Bullion prices, but combined with the Federal Reserve keeping rates on hold and continuing with the quantitative easing programme, pushed bullion quotes ever further skywards.

Gold reached $1,428 per troy ounce, with Silver at $35.44 per troy ounce by 20:00 in London.

Physical market interest remained brisk with strong premiums remaining in the market. The benchmark BullionSupermarket.com 1 Ounce Silver Bars, some of which have been introduced to the market were fetching a premium of around 35% over the Silver fix at auction at time of writing.


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