COMEX prices surrendered some of last week’s gains amid risk aversion and Japan’s finance ministry surprising markets by intervening to sell JPY, said Barclays Capital in a briefing. Prices succumbed to a stronger dollar as it makes dollar-denominated commodities look expensive for holders of other currencies.
Spot Silver prices slipped more than 3 percent on Monday and bears are expected to dominate this metal for the time-being as it is taking cues from various factors. The correlation between Gold prices and the dollar has also strengthened further into positive territory, with the one-month rolling correlation hitting 19% on Monday and the six-month rolling correlation turning positive after for the first time in almost two months.
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