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Gold rises, silver climbs 6 pct as dollar retreats
 London - Gold climbed back above $1,500 an ounce on Monday and silver rallied more than 6 percent as a retreating dollar and a rebound in oil prices helped precious metals recover some ground after last week’s hefty losses.
Spot gold rose as high as $1,510.40 an ounce and was bid at $1,506.30 an ounce at 1123 GMT, against $1,494.05 late in New York on Friday. Silver
Among precious metals, silver bore the brunt of last week’s commodities sell-off, down 25 percent week on week by late Friday as investors liquidated positions. A near 1 percent retreat in the dollar, which makes dollar-priced assets cheaper for other currency holders, is helping it to recover.
The euro bounced back on Monday as some investors viewed its sell-off last week on concerns about Greek debt as overdone; given the fact interest rate differentials between the euro zone and the United States remain favorable.
However, technical indicators suggest the single currency’s recovery could be temporary, while uncertainty over how the euro zone will tackle the prolonged debt crisis in some peripheral member countries is continuing to worry buyers.
“The big confusion in the whole picture is what people are going to do with the U.S. dollar,” said Macquarie analyst Hayden Atkins. “You have competing concerns, with a change in policy rhetoric in the U.S. and mounting concerns over the euro.”
“It is too hard to have a lot of conviction. That will probably weigh on pricing (for commodities), though maybe gold will outperform in that sort of environment.
“Silver has rebounded from the lows, but I think it is very difficult to justify more strength from a fundamental perspective,” he added.
From a technical perspective, silver is also looking more vulnerable than gold after last week’s rout, analysts said.
“Gold did not break any significant levels on the downside, so long-term investors were not forced out like in silver, where it was pure carnage,” said Saxo Bank senior manager Ole Hansen.
Monday 2011-05-09  |  23:32:26   
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