May 5, 2011 / 1:01 AM / 8 years ago

PRECIOUS-Silver falls to one-month low after COMEX margin hike

 SINGAPORE, May 5 (Reuters) - Silver prices fell 1 percent on
Thursday to a one-month low, after the CME Group hiked margin
requirement on COMEX silver again, while gold held steady.	
      	
 FUNDAMENTALS	
 * Spot gold was little changed at $1,516.29 an ounce
by 0042 GMT, after falling for three sessions straight.	
 * COMEX gold futures GCcv1 edged up $1.30 to $1,516.60.	
 * COMEX silver futures SIcv1 fell 1.2 percent to a
one-month low of $38.91. Spot silver fell by 1 percent to
$38.92.	
 * The CME Group set successive hikes on COMEX silver
futures margin, pushing margin up 84 percent in just eight days.
[ID:nN04107715]	
 * As COMEX silver tumbled under the weight of surging
margins, the iShares Silver Trust , the world's largest
silver-backed exchange-traded fund, experienced a near 5 percent
fall in its holdings. [ID:nL3E7G44R5]	
 * Mexico massively ramped up its gold reserves in the first
quarter of this year, buying over $4 billion of bullion as
emerging economies move away from the ailing U.S. dollar, which
has dipped to 2-1/2-year lows. [ID:nLDE7431OZ]    	
 * For the top stories on metals and other news, click
 , or 	
 	
 MARKET NEWS	
 * Weak economic figures heightened stock investors' anxiety
over the extended rally, knocking U.S. shares lower for a third
day on Wednesday. 	
 * The euro hovered near a 17-month high versus a droopy
dollar early in Asia on Thursday as markets braced for more
hawkish rhetoric from the European Central Bank after its policy
meeting later in the day. 	
	
 DATA/EVENTS	
 1100  Britain   BoE rate decision         May 2011  
 1145  EZ        ECB rate Decision         May 2011  
 1230  U.S.      Unemployment claims       Weekly        
	
 PRICES	
 	
 Precious metals prices 0042 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1516.29    0.64   +0.04      6.82
  Spot Silver        38.92   -0.42   -1.07     26.12
  Spot Platinum    1823.00    5.75   +0.32      3.14
  Spot Palladium    744.15    0.65   +0.09     -6.92
  TOCOM Gold       4072.00  -15.00   -0.37      9.20        22271
  TOCOM Platinum   4904.00   41.00   +0.84      4.43         3055
  TOCOM Silver      118.70    1.30   +1.11     46.54         1953
  TOCOM Palladium  2030.00  -17.00   -0.83     -3.20          197
  COMEX GOLD JUN1  1516.60    1.30   +0.09      6.70         2377
  COMEX SILVER JUL1  38.91   -0.48   -1.21     25.76         2687
  Euro/Dollar       1.4821
  Dollar/Yen         80.58
  TOCOM prices in yen per gram. Spot prices in $ per ounce.
  COMEX gold and silver contracts show the most active months
	
 (Reporting by Rujun Shen; Editing by Himani Sarkar)	
 	
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below