Gold, Silver Prices Soar to New Highs
This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Good evening, I'm Saijal Patel and you're watching "Asia Market Daily".
Precious metals are continuing to advance, with both gold and silver hitting new highs.
The ongoing tension in the Middle East and North Africa has pushed up the price of gold to a record $1,513 dollars an ounce. While silver has hit a fresh 31-year high.
And according to Tetsuya Yoshii of Mizuho Corporate Bank, the poor man's gold could climb further in the near term.
(SOT) Tetusya Yoshii, Vice President for Derivative Products, Mizuho Corporate Bank:
The $50 psychological level is going to be a target. I think it should be acheived in the short term. If you're going to look at that as reward, well fine, but I think the risk reward is not as good as it was before, and so I won't be totally you know buying into it, but still it will be the bullish trend continuing in the short term.
Elsewhere, competition in the smartphone space is going to heat up on Sunday, when Samsung releases its new Galaxy S2 device in the UK. But the lead up to the launch has been overshadowed by Apple's lawsuit against the Korean tech firm... and Samsung's recent decision to counter-sue. Apple claims Samsung's Galaxy line slavishly copies its iPad and iPhone products.
(SOT) Jayesh Easwaramony, Vice President, ICT Practice at Frost & Sullivan:
If you look at the three patents in question, utility, design and trade dress, design has some merit because it's an integration issue. But to prove utility and trade dress is going to be difficult for Apple.
Now, Samsung is suing Apple, for violating its patents. No matter how the legal fight pans out though, Jayesh Easwaramony of Frost & Sullivan doesn't expect drastic changes to Samsung & Apple's strategic relationship.
And let's hope he's right.
That's the latest "Asia Market Daily", I'm Saijal Patel from CNBC.
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