6/21/2010 07:15:00 PM
Admin
MARKET ROUNDUP
Precious metals prices edged higher with Gold rallied to a record high above $1,260 an ounce as momentum triggered by buying of the metal as a haven from sovereign and financial risk pushed prices through technical resistance.
- The world's largest Gold-backed exchangetraded fund, SPDR Gold Trust said its holdings stood at 1,307.963 tonnes as of June 18 unchanged from the previous business day.
- The world's largest Silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9,208.83 tonnes as of 18th June, unchanged from the previous business day.
- The markets are exaggerating the euro zone's risks, but the European Central Bank needs to do more to show its commitment to financial stability, Fitch's head of sovereign ratings said on Saturday. - China said it would gradually make the yuan more flexible in a gesture that may deflect foreign criticism at next week's G20 summit but will not quickly yield a big move by its currency.
- Russia's gold and foreign exchange reserves fell to $454.5 billion on June 11 from $458.2 billion a week earlier, central bank data showed.
Gold firmed to near a lifetime high today on a weaker U.S. dollar and lingering fear about the global economic recovery as China's vow of a more flexible yuan could spur buying of riskier assets. Thus, we may witness some profit-taking in the precious metals complex on improved risk-appetite.
