April Gold closed down 50.7 at 1619.3. This was 7 up from the low and 27.7 off the high.
May Silver finished down 2.221 at 31.044, 0.811 off the high and 0.064 up from the low.
The gold market remained under heavy pressure throughout Wednesday's session as prices reached their lowest levels since January 10th. Yesterday's release of the March 13th FOMC meeting minutes continued to be a major source of weakness as many traders pointed toward a negative shift in physical commodity sentiment since that announcement. A weaker than expected private survey of US non-Manufacturing industries provided some measure of support to June gold and helped to trigger a modest recovery from the early lows during the middle portion of the US trading session. Indian gold demand has been negatively impacted by an ongoing dispute over import duties, which has weighed on prices this morning. In addition, a surge in Euro zone debt anxiety helped to erode gold market sentiment.
May silver fell than 5% in value and was seen by many traders as the weakest member of the metals complex by a fairly wide margin. Diminished macro-economic sentiment and slumping global equity markets kept significant pressure on silver prices, which finished today's trading with the lowest closing price since mid-January. This week's strong recovery in the US Dollar and falling crude oil prices continued to be negative factors for the silver market throughout the session.
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