Thursday, 25 Nov 2010

Silver Prices Hold Near $27.50 an Ounce

Silver was little changed on Thursday, lacking strong impetus due to the U.S. Thanksgiving holiday but backed up by some safe-haven buying amid Europe's debt crisis and heightened tensions between North and South Korea. The Silver is currently trading at around $27.55.

The dollar, which traditionally has an inverse relationship with commodity such as silver, strengthened against the euro on renewed optimism over U.S. growth and persistent fears that Ireland's debt crisis might spill over into Spain and Portugal.

Looking ahead to tomorrow, much vital data is expected from the leading economies. Traders are advised to pay special attention to two leading indicators, the German Prelim CPI and M3 Money Supply. A positive end result of each of these indicators is likely to strengthen the EUR.