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Dec 11, 2012, 01.01 PM IST | Source: Moneycontrol.com

Precious metals trading firm ahead of US Fed meet today

Nirmal Bang has come out with its report on Gold and Silver. According to the research firm, Precious metals prices are trading firm on NYMEX today ahead of a U.S. Federal Reserve meeting where policy makers are expected to announce more stimulus measures, seen to support bullion appeal as a hedge against inflation.

Nirmal Bang has come out with its report on Gold and Silver. According to the research firm, Precious metals prices are trading firm on NYMEX today ahead of a U.S. Federal Reserve meeting where policy makers are expected to announce more stimulus measures, seen to support bullion appeal as a hedge against inflation.

Precious metals prices rose yesterday as investors were uncertain about the U.S. budget crisis and hopeful that the Federal Reserve will unveil new economic stimulus this week. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1353.35 tonnes by Dec 11, remains unchanged from the previous business day. Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 9829.15 tonnes by Dec 11, remains unchanged from the previous business day.

During November 2012, the gold production at the Laiva mine amounted to 120 kilos. The availability of the concentrating plant was 92 per cent. The main reason for the increased production was particularly the improved availability. Throughput in the grinding circuit, while in operation, was between 70 and 80 per cent of the designed capacity.  Indian gold extended gains for a to revisit its highest level in nearly a week, with most importers refraining from deals in the middle of the wedding season, eyeing the US Federal Reserve meeting starting Tuesday.

Fundamental Outlook-

Precious metals prices are trading firm on NYMEX today ahead of a U.S. Federal Reserve meeting where policy makers are expected to announce more stimulus measures, seen to support bullion appeal as a hedge against inflation.

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