Expect Further Rise in Gold, Silver

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Nirmal Bang has come out with its report on Gold and Silver. According to the research firm, precious metals prices are trading a tad higher on COMEX today.

“Expect a further rise in the prices of precious metals on account of a weak US dollar against the basket of major currencies.”

Precious metals prices notched its biggest weekly drop this year as an improving global economic outlook sent the safe-haven metal below a key technical support. Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange traded fund, stood at 1329.90 tonnes by Jan 25, down by 4.21 tonnes from the previous business day. Holdings in the world’s largest silver backed exchange-traded fund iShares Silver Trust stood at 10468.76 tonnes by Jan 25, down by 221.10 tonnes from the previous business day.

India has told Thailand that it will impose six-10 per cent duty on gold jewellery imports in the proposed free trade agreement ( FTA), according commerce ministry sources. The move is aimed at curbing a spurt in gold jewellery imports in recent times, which may rise further as the government raises Customs duty on gold imports. Kazakhstan gold reserves rose 1.7 percent in December to 3.707 million ounces, according to data on the International Monetary Fund website. Russia’s gold reserves climbed 2.1 percent to 30.793 million ounces, according to the data.

Fundamental View:

Precious metals prices are trading a tad higher on COMEX today. We expect a further rise in the prices of precious metals on account of a weak US dollar against the basket of major currencies.

Mon, Jan 28, 2013 at 10:18 – Moneycontrol

http://www.MissionMining.com 

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