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Jan 03, 2013, 02.16 PM IST | Source: Moneycontrol.com

Increase in jobless claims may support bullion: Nirmal Bang

Nirmal Bang has come out with its report on precious metals. According to the research firm, any increase in jobless claims is likely to further support prices of bullions. One can buy at dips for the day.

Nirmal Bang has come out with its report on precious metals. According to the research firm, any increase in jobless claims is likely to further support prices of bullions. One can buy at dips for the day.

Gold traded near a two-week high as expectations that policy makers around the world will continue to support their economies increased demand for a store of value. Silver climbed as investors boosted holdings to a record.

Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1349.92 tonnes by Jan 02, down by 0.60 tonnes from the previous business day.

Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 10084.96 tonnes by Jan 02, remains unchanged from the previous business day.

Farmers are flocking to jewellery shops to buy gold, boosting rural demand that accounts for about 70% of the precious metal sold in India and starting 2013 on a glittering note for the bullion trade after a slump last year.

Indian Finance minister P. Chidambaram said on Wednesday the government may be forced to make gold imports costlier to restrict the ballooning current account deficit.

Precious metals prices are trading little changed on COMEX today. In the evening session we have the Initial claims data to be released by the US. Any increase in jobless claims is likely to further support prices of bullions. Buying at dips is recommended for the day.

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