Precious metals prices rose yesterday as a drop in the
dollar triggered bargain hunting after the previous session's sharp drop
on news of possible gold
sale by Cyprus and uncertainty over Fed's monetary stimulus. Holdings
in the SPDR Gold Trust, the world's largest gold-backed exchange traded
fund, stood at 1181.42 tonnes by Apr 11, down by 2.11 tonnes from the
previous business day. Holdings in the world's largest silver
backed exchange-traded fund iShares Silver Trust stood at 10497.59
tonnes by Apr 11, remains unchanged from the previous business day.
Russia's top gold miner Polyus Gold said on Thursday its sales fell 4 percent, yearon- year, to USD524 million during the first three months of the year due to a gold price decrease. The growth of assets under gold exchangetraded funds (ETFs) in India slowed to 18 percent in the fiscal year ended March 31, 2013, compared with an average of more than 100 percent since inception in 2007, as investors sought refuge in debt instruments due to sagging gold prices.
Fundamental Outlook:
Precious metals prices are trading little changed on COMEX today. We expect prices to remain supportive on account of the ongoing accommodative policies by the US Fed and BOJ.
Russia's top gold miner Polyus Gold said on Thursday its sales fell 4 percent, yearon- year, to USD524 million during the first three months of the year due to a gold price decrease. The growth of assets under gold exchangetraded funds (ETFs) in India slowed to 18 percent in the fiscal year ended March 31, 2013, compared with an average of more than 100 percent since inception in 2007, as investors sought refuge in debt instruments due to sagging gold prices.
Fundamental Outlook:
Precious metals prices are trading little changed on COMEX today. We expect prices to remain supportive on account of the ongoing accommodative policies by the US Fed and BOJ.
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