Bullion are Bullions : After the air attacks in Libya and the anti-government protest erupting in

the Middle Eastern countries, gold prices have increased in the international market. In the past
week, price of gold has increased by US$ 89 per ounce in the international market. In the Asian
market, gold is being traded at US$ 1,438 per ounce and the price of silver is also at a 31-year
highExperts say that the increase in gold price is due to the increased demand of gold by China
as they bought 200 tonnes of gold in the first two months of 2011.

Libyan people take to the streets in their demand for freedom : Inspired by the outcomes of
Tunisia and Egypt over the past few weeks the people of Libya have also taken out to the streets
in their cries for freedom against their autocratic leader Muammar Gaddafi. Thousands of people
have joined the struggle and there have been continuous reports of frequent clashes with the
Muammars loyalists and the protesting public. Scores of people have been reported killed in
continuing violence in the Libyan capital, Tripoli, amid escalating protests against Muammar
Gaddafi's 40-year rule across the North African nation. With each passing day the leader seems
to be losing support from people working in his own government and is also under increasing
pressure from International powers to step down.

China overtakes Japan as world's second-biggest economy : China has now overtaken Japan
as the world's second-biggest economy. Japan's economy was worth $5.474 trillion (£3.414
trillion) at the end of 2010, figures from Tokyo have shown while that of China's economy is
closer to $5.8 trillion for the same period. China has been enjoying a manufacturing boom for
quite a few years now and it is expected that at its current rate of growth, analysts see China
replacing the US as the world's top economy in about a decade. The US economy is currently
almost three times the size of the Chinese economy in dollar terms.

Mubarak resigns, Egypt celebrates : The people of Egypt went wild with celebrations after
President Hosni Mubarak resigned and handed power to the military on 11th February. For
eighteen days thousands of people had taken to the streets all over Egypt demanding the ouster of
their autocratic President who had been in power for the past thirty years. One of the key reasons
for such public outrage has been widespread poverty, inflation and rampant corruption in the
government for many years. Tahrir Square, the epicentre of the anti-government protests burst
with joy when the announcement was made. This has been a hard fought struggle for the people
of Egypt after many episodes of violence having been reported between the public and Mubaraks
forces.
By Debbie Carlson

(Kitco News) - After hitting all-time highs, gold prices could backtrack a bit next week, but the
downside for the yellow metal will be limited because of global uncertainty and U.S. dollar
weakness.

Gold hit an all-time high on Thursday of $1,448.60 an ounce, while silver notched a 31-year high
of $38.18 an ounce. Profit-taking on Friday pulled prices off of those highs as traders sought to
pocket some money ahead of the weekend.

April gold futures on the Comex division of the New York Mercantile Exchange settled at
$1,426.20, up 0.71% on the week. May silver settled at $37.049, up 5.4% on the week.

Robin Bhar, senior metals analyst at Credit Agricole-CIB, said there are too many uncertainties
to bet against gold. From the violence in the Mideast, to concerns about euro-zone sovereign
debt to a lower dollar, gold remains attractive.

“Profit-taking followed by a period of consolidation is envisaged… with dips towards

USD1,420/oz likely, but further price spikes into new record-high territory cannot be ruled out
given the geopolitical/macro uncertainties,” Bhar said.

Bhar said the Libyan crisis remains tense with NATO now in charge of enforcing the no-fly
zone, while the world continues to warily watch the situation at Japan’s Fukushima nuclear plant.
The European sovereign debt issue has risen again with Portugal likely needing aid; how much
and when are the only questions remaining.

While the intermediate and long-term view for gold is bullish all around, that doesn’t mean that
the metal can’t take a small step back. Ken Morrison, editor of online newsletter Morrison on the
Markets, said historically gold has witnessed pullbacks every time it has made a new high.

“Gold is now a perfect five for five over the past six months in terms of when it makes a new
high, it is followed almost immediately (zero to three days) of a downside correction of varying
degrees of magnitude,” he said.

Morrison said lately it seems that gold has found buying support when it falls to the $1,400
area.

Next week, the April contract could come into some pressure as rolling of positions from the
April contract to the June contract will become more pronounced. The market is preparing for
first-notice day which will occur in a few days, futures analysts said.

Near-term resistance for gold is seen at $1,450, with most market watchers looking for $1,500
ultimately.
SILVER STAYS STRONG

Bhar said “there is no stopping silver.” He said investors prefer the gray metal to gold as a risk
aversion play since it’s seen as a better and cheaper alternative. He cited the record high
investment in the iShares Silver Trust, the world’s largest silver-backed exchange-traded fund,
and the drop in the gold-silver ratio, which fell to its lowest since October 1983, as examples.
The ratio is currently around 38.3.

The gold/silver ratio measures how many ounces of silver it takes to buy an ounce of gold. The
lower the ratio, the stronger that silver prices become in comparison to gold. Barclays Capital
said they expect the gold/silver ratio to fall to 31.00.

The bank is bullish on silver. “We expect buying interest near the former highs in the 36.75 area
to underpin any dips and look for gains to our next target in the 38.50 area. Our greater target for
silver is in the 44.00 area,” they said.

Support, Morrison said, is around $36. Like gold, “silver also has a reliable history of correcting
soon after hitting new highs,” he added.

Thomas said he expects silver prices will hit $50 and gold $1,500, but when is the question.
Before that happens the markets could experience “wicked volatility,” he said.
Technical Weekly View:

Gold:

Gold : Trend Up : R1 21090 R2 21300 S1 20650 S2 20380

Looking good for next week, Buy around 20600 for the Target 21050…….
Silver :

Silver : Trend Up: R1 56700 R2 57400 S1 52800 S2 51000

Looking good for both buyers and sellers, make new buy position around 52000….
Copper :

Copper : Trend Up: R1 444 R2 455 S1 432 S2 426

Buy around 426-428, tg 452/480 in week ahead….Sl 418……

Jeera :

Jeera : Trend Up: R1 16350 R2 16600 S1 15650 S2 15300

Buy from abv 15800 tg 16500 Sl 15500………….

For next week 28th Mch to 1st Apr :

Date Time Currency Particular

Mch 28 7.30 pm USD Pending Home Sales m/m
Mch 29 2.00 pm GBP Current Account
7.30 pm USD CB Consumer Confidence
Mch 30 3.00 pm CHF KOF Economic Barometer
5.45 pm USD ADP Non-Farm Employment Change
8.00 pm USD Crude Oil Inventories
Mch 31 6.00 pm CAD GDP m/m
6.00 pm USD Unemployment Claims
8.00 pm USD Natural Gas Storage
Apr 1 12.45 pm CHF Retail Sales y/y
2.00 pm GBP Manufacturing PMI
6.00 pm USD Non-Farm Employment Change
6.00 pm USD Unemployment Rate
7.30 pm USD ISM Manufacturing PMI

Haapy Trading,

Thanks,

From:

Ronak Bhavsar

DIVINE FINCAP SERVICES LTD., AHMEDABAD

Contact No. 079-66618899