Precious metals prices to trade under pressure: Nirmal Bang
Published on Fri, Oct 14, 2011 at 13:05 | Source : Moneycontrol.com
Updated at Fri, Oct 14, 2011 at 16:54
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Precious metals prices to trade under pressure: Nirmal Bang
Nirmal Bang has come out with its report on precious metals. As per research firm prices are expected to trade under pressure on account of weak equity markets.
Nirmal Bang has come out with its report on precious metals. As per research firm prices are expected to trade under pressure on account of weak equity markets.
Precious metals fell in tandem with riskier assets on Thursday, as disappointing economic data from China and weaker U.S. equity markets, driven by bank worries, dampened buying sentiment across the board.
• Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund fell to 1227.51 tonnes by Oct 13, down by 0.48 from the previous business day. • Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 9954.27 tonnes by Oct 13, remains unchanged from the previous business day. • Canadian miner Crocodile Gold Corp said on Thursday it found more high-grade gold at its Union Reefs project in Australia, and said it would continue drilling through the wet season to expand the resource base.
Precious metals are trading lower on NYMEX today. We expect prices to trade under pressure on account of weak equity markets.
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