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Nov 22, 2012, 01.44 PM IST | Source: Moneycontrol.com

Bullion may trade firm on weak USD overseas: Nirmal Bang

Nirmal Bang has come out with its report on precious metals. According to the research firm, prices are expected to trade firm on account of a weak US dollar overseas. One can buy metals on dips.

Nirmal Bang has come out with its report on precious metals. According to the research firm, prices are expected to trade firm on account of a weak US dollar overseas. One can buy metals on dips.

Precious metals prices edged lower yesterday, with investors focused on efforts to agree financial aid for Greece, truce talks over Gaza and discussions on how to avert a fiscal crisis in the United States.

Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1342.20 tonnes by Nov 21, remains unchanged from the previous business day.

Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 9818.07 tonnes by Nov 21, down by 61.71 tonnes from the previous business day.

Even as gold prices are running high currently, investor demand for gold exchange traded funds (ETFs) will be robust in the Indian market, said S&P Dow Jones Indices (S&P DJI), a global indices player.

The demand for imitation jewellery in India has surged by over 85 per cent in the last one year on account of sharp rise in gold and silver prices, a study by industry body Assocham has said.

Precious metals prices are trading little changed on COMEX today. We expect prices to trade firm on account of a weak US dollar overseas. Buying at dips is recommended for the day.

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