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Feb 27, 2013, 12.44 PM IST | Source: Moneycontrol.com

Buy Gold, Silver on dips: Nirmal Bang

Nirmal Bang has come out with its report on precious metal. According to the research firm, precious metals prices are trading little changed on COMEX today. Expect a further rise in the prices of Gold and Silver on account of announcement of further continuation of the existing accommodative policy. Buying at dips is recommended for the day.

Nirmal Bang has come out with its report on precious metal. According to the research firm, precious metals prices are trading little changed on COMEX today. Expect a further rise in the prices of Gold and Silver on account of announcement of further continuation of the existing accommodative policy. Buying at dips is recommended for the day.

Gold's biggest rally in months stretched into a second day on Tuesday after the U.S. Federal Reserve chief defended the stimulus program that has stoked gold buying on inflation worries.  Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1277.44 tonnes by Feb 26, remains unchanged from the previous business day.  Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 10602.76 tonnes by Feb26, remains unchanged from the previous business day.

Gold importers in India, kept to the sidelines on Tuesday as prices recovered partly from the lowest level in seven months hit last week, and on a liquidity crunch. Market participants feel that there could be another round of hike in import duty on refined gold to 8 percent from the earlier 6 percent to keep a lid on the rising current account deficit. China's Ministry of Industry and Information Technology reported Saturday that China's 2012 total gold production increased 11.66% or by 42.1 tonnes to a total 403.1 metric tonnes of which 341.8 tonnes came from gold mines while 61.3 tonnes were by-products of nonferrous metal smelting.

Fundamental Outlook:

Precious metals prices are trading little changed on COMEX today. We expect a further rise in the prices of precious metals on account of announcement of further continuation of the existing accommodative policy by the US Federal Reserve. Buying at dips is recommended for the day.

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