6/16/2010 05:13:00 PM
Admin
U.S. gold futures finished stronger on Tuesday, as a rating downgrade of Greece late in the previous session drew some investors to the yellow metal as a safe-haven play and bullish technical signals extended those gains.
IN FOCUS
- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings stood at 306.137 tonnes as of June 15, 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 15th June, unchanged from the previous business day.
- Gold and gold receivables held by eurozone central banks fell by 1 million euros to 286.691 billion euros in the week ending June 11, the European Central Bank said on Tuesday.
- Gold miners in the first quarter kept cutting back on hedging against possible declines in the gold price, but they did so at a much slower pace than in the fourth quarter of 2009, when Barrick Gold Corp eliminated its entire hedge book.
Precious metals are trading firm on COMEX today. Today we have CPI data to be released by the euro zone, this may lend some support to the prices. But we expect profit taking to continue in this counter thus, Selling on rise is the strategy for the day.
