5/31/2010 07:07:00 PM
Admin
MARKET ROUNDUP :
U.S. Gold futures closed slightly higher in last trading session, shortly after Fitch Rating cut Spain's debt ratings, renewing fears of spreading euro zone credit problems and pressuring the euro, which pushed some gold investors to cover short positions ahead of the long holiday weekend.
IN FOCUS:
- The world's largest gold-backed exchangetraded fund, the SPDR Gold Trust, said its holdings totaled 1,267.930 tonnes as of May 28 versus 1,267.626 tonnes a day earlier, setting a fresh record high.
- The world's largest silver-backed exchange- traded fund, the iShares Silver Trust, said its holdings rose to 9,258.42 tonnes as of May 28, up from 9,218.80 tonnes in the previous business day.
- Global gold demand fell 25 percent to 760 tonnes in the first quarter of 2010, driven by a 99 percent drop in buying of gold for physically-backed exchange-traded funds (ETFs), but was expected to rebound in the rest of the year, the industry-funded WGC said earlier this week.
- India's gold imports in May was around 17-18 tonnes compared with 28.6 tonnes imported in the same year ago period, the head of Bombay Bullion Association said on Friday citing provisional data.
FUNDAMENTAL OUTLOOK:
Gold edged down on Monday as the euro steadied against the U.S. dollar, but worries about Europe's debt woes still underpinned sentiment after Fitch downgraded Spain's credit rating. Gold is likely to trade sideways today. Internationally Gold is expected to trade in the range of US$ 1200-1215/ounce.
