Intervention by ECB and US Feds on behalf of BOJ in currency market shook off many currency related speculators from gold. Spot traded as low as 310 dollars/oz for a few minutes in its last trading session in New York on Friday. Here again, in spite of weakening US dollars we had forecast the gold prices to come under pressure last week. But quite frankly we never expected the prices to go much lower than 315 dollars. Silver had little time to react but lost some ground.
NSTL
