Gold Market Update : Epic Research Singapore

June gold GCM6, -0.37%  edged up by a dime to end at $1,254.40 an ounce. It had touched a session low of $1,247.10. The SPDR Gold Trust GLD, -0.51% was up 0.1%.

Silver futures settled at their highest level in more than 11 months Wednesday, buoyed by expectations for higher industrial demand, but gold prices barely budged as investors await cues from key central bank meetings on tap in the coming days.

Global economic recovery hopes are helping silver to gain ground on gold. The gold/silver ratio has dropped to below 74, its lowest level since early November. Silver futures are up about 24% this year, outperforming gold’s more than 18% rise.

Silver for May SIK6, -0.03% delivery advanced 16.3 cents, or 1%, to settle at $17.135 an ounce on Comex. Prices are finished at their highest levels since mid May and were poised for a weekly gain of more than 5%, according to FactSet.

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