Gold and Silver:
Gold and silver continued their volatility due to the unclear and uncertain news flows that came into the financial markets. The recent news from Cyprus is that its parliament passed on the bailout plan, which isn’t likely to satisfy EU and IMF officials. As a result, gold traded near a 3-1/2-week high on Friday, underpinned by safe-haven demand on the fear of a potential financial meltdown in Cyprus, which has put bullion on track for its biggest weekly rise in four months.
Crude Oil:
Crude Oil closed at $93.86 on a weekly basis. The commodity traded within a tight range between the upper $91 and $93 per bbl ranges. Supported by positive Chinese HSBC PMI data and strong US economic releases crude remained elevated. Promises of ongoing monetary stimulus from the US FOMC and the Japanese central bank prices remained strong showing little response to poor eco data in the euro zone as the Cyprus bailout problems seem to have little effect on the commodity.
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