The deck is stacked against the bull camps in gold and silver today, with an upside breakout in the dollar, signs of higher treasury yields, fear of a hawkish Federal Reserve statement, and a lack of support from Chinese and European buyers overnight due to the May Day holiday.
However, the gold market should derive some underpin from World Gold Council projections of continued brisk global central bank purchases, and signs of positive gold demand from India and China.
It should also be noted that Indian gold demand increased by 8% during the January through March timeframe with gold jewelry demand in India increasing by 4% and amounting to a significant percentage of total world gold demand...[MORE]
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