Daily Bullion Market Update 10/11/11
By Barry Stuppler – MintStateGold.com
In late trading Monday, the gold price reached $1,685 before we saw some light profit taking. Global gold demand is still strong with the market trading overnight in the $1,655 to $1,685 price range. The market sold off this morning on concerns over the Slovakia vote on passage of the Eurozone’s EFSF bailout fund. At 11am PDT gold was trading at $1,661 per ounce, down $9 for the day on moderate volume.
Investor demand for Silver has substantially picked up in Asia. There was sizeable bidding for silver around $31.30 in India last night. Domestically, demand for silver investment product is causing some physical shortage in the supply chain. At 11am PDT Silver was up $0.14, trading at $32.19 on excellent volume.