Commodities Price Update-Silver, Gold Overturn Last Week’s Losses

Silver futures regained after their worst weekly decline since 1975, while gold futures increased in value too. Silver futures rose by 2.43 percent to USD $ 36.145 an ounce. Gold futures rose by 0.83 percent to USD $ 1504 an ounce.

The rebound in the commodities market was spurred by the idea that investors would return to the market after it became apparent that the global economy was not performing as bad as it had been previously estimated. The US Labour Department released figures which showed that the number of people employed had increased by more than the forecasted figure. Furthermore, last week’s slump in the commodities market has not changed the market fundamentals, except for forcing high-leverage speculators to exit the market. Instead, this has created buying opportunities at lower prices, which will increase the demand in the commodities market and lead to a steady recovery in prices.