Buy gold, silver on dips for today: Nirmal Bang

Nirmal Bang has come out with its report on Gold and Silver. According to the research firm, precious metals prices are trading higher on COMEX today. Expect a further rise in the prices of precious metals on account of weak US dollar overseas. Buying at dips is recommended for the day.

Precious metals prices fell on Friday as investors took profits a day after the precious metal hit a one-month high, and safe-haven buying dried up as a deal between Greece and Cyprus eased fears of an escalating euro zone debt crisis.  Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1221.26 tonnes by Mar 22, remains unchanged from the previous business day. 

Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 10688.56 tonnes by Mar 22, up by 52.60 tonnes from the previous business day. Hedge funds and money managers raised their bullish bets in gold by 63 percent and added their net short position in copper to a fresh four-year high in the week to March 19, Commodity Futures Trading Commission data showed on Friday. Dubai's gold trade is estimated to have exceeded $70 billion in 2012, hitting record highs as more of the precious metal is exchanged and stored in the emirate.

Fundamental Outlook:

Precious metals prices are trading higher on COMEX today. We expect a further rise in the prices of precious metals on account of weak US dollar overseas. Buying at dips is recommended for the day.

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