Gold prices rallied higher, as a significant decline in US dollar, consequent of the Federal Reserve Chairman Ben Bernanke speech aided buying in the precious metals complex. Bernanke stated that further significant improvements in the unemployment rate will likely require continued accommodative policies. Bernanke's speech conveys sign that in addition to low interest rates; further quantitative easing is also considered as a distinct possibility. The impression of another QE program corroborated after Ben Bernanke considered the recent development in the labour market as a marginal improvement, adding that the labour market was still far from normal. COMEX Gold (Apr) Price indication: Prices have support at US$1,680/ounce and resistance at US$1,706/ounce. MCX Gold (Apr) Price indication: Prices have support at Rs28,100/10gms and resistance at Rs28,600/10gms. COMEX Silver settled higher by 1.5% at US$32.8/ounce. Silver prices made a high of US$32.9/ounce and a low of US$32/ounce. On domestic front, MCX May Silver ended 1.1% higher at Rs57,731/kg. Prices made a high of Rs57,930/kg and a low of Rs57,040/kg. COMEX Silver (May) Price indication: Prices have support at US$32.40/ounce and resistance at US$33.20/ounce. MCX Silver (May) Price indication: Prices have support at Rs57,200/kg and resistance at Rs58,400/kg.

Source