Moneycontrol
Apr 01, 2013 10:55 AM IST | Source: Moneycontrol.com

Profit booking may continue in Gold, Silver: Nirmal Bang

Nirmal Bang has come out with its report on precious metal. According to the research firm, Gold and Silver prices are trading little changed on COMEX today. Expect a further profit-taking in the prices of bullions on account of a stronger US dollar overseas.

Profit booking may continue in Gold, Silver: Nirmal Bang

Nirmal Bang has come out with its report on precious metal. According to the research firm, Gold and Silver prices are trading little changed on COMEX today. Expect a further profit-taking in the prices of bullions on account of a stronger US dollar overseas.


Precious metals prices ended lower on Friday, on track to end the quarter with a loss of nearly 5 percent, as the euro stayed weak and a rally in equities boosted appetite for riskier assets. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1221.26 tonnes by Mar 29, remains unchanged from the previous business day.  Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 10703.59 tonnes by Mar 29, remains unchanged from the previous business day. 


Turkey exported almost USD120 million worth of gold to Iran in February, data showed, suggesting the two countries' trade of gold for natural gas has resumed despite tighter U.S. sanctions, though at levels below last year's peaks.  Gold-backed exchange-traded funds are set for their biggest quarterly outflow since inception, with investors beating a hasty retreat from the market due to a brightened global economic backdrop.


Fundamental Outlook:


Precious metals prices are trading little changed on COMEX today. We expect a further profit-taking in the prices of bullions on account of a stronger US dollar overseas.


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