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Saturday, May 14, 2011

MCX Bullion Weekly Fundamental Report 16 to 21 May 2011 | Tips

Gold fell on Friday, sharply reversing early gains, as a dollar surge against the euro and renewed uncertainty about euro zone debt prompted investors to
sell ahead of the weekend. Silver continued to recover from last week's 25 percent correction, and technical charts suggested the metal could stabilize
after bouncing off a key support level. Spot Gold fell 0.7 percent to $1,492.50 an ounce by, having earlier risen as high as $1,516.40. U.S. Gold futures for
June delivery settled down $13.20 at $1,493.60, after trading in a range from $1,482 to $1,516.40. For the week, Gold was flat after shedding nearly 5
percent last week during a commodity rout.
Money managers cut bullish bets in COMEX Silver futures and options to the lowest level since January, as prices tumbled as much as 30 percent from a
record high near $50 an ounce, and they also slashed net longs in Gold during the period, U.S. regulator data showed. Gold was pressured as the U.S.
dollar scaled six-week peaks against the euro as concerns about the global economy spurred a return to the greenback's safety. Precious metals have
been pressured by worries about dollar strength, ahead of a meeting of Euro group finance ministers, followed by an Ecofin meeting of EU finance
ministers on Monday, which could provide further direction to the euro. The single currency is likely to remain under pressure until at least after investors
digest any outcome.

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