6/29/2010 06:27:00 PM
Admin
MARKET ROUNDUP
U.S. gold futures ended nearly 1.5 percent lower on Monday on technical selling after an initial rally failed to push gold to an all-time high on economic jitters.
IN FOCUS
- The world's largest Gold-backed exchangetraded fund, SPDR Gold Trust said its holdings remain to a record high at 1,316.177 tonnes as of June 28 unchanged from the previous business day.
- The world's largest Silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9176.84 tonnes as of 28th June, unchanged from the previous business day.
- India, the world's top gold buyer saw a sharp cut in imports in June, signalling recent record high prices are dissuading fundamental demand even as the world's largest exchange-traded fund reports record holdings. India's gold imports in June are likely to fall for the third straight month from a year ago, the head of Bombay Bullion Association said on Monday as prices stay firm.
FUNDAMENTAL OUTLOOK
Precious Metals futures are likely to trade sideways to up today as the overseas trend is seen as bullish with global investors seeking the safe haven metal due to uncertainty in the global economy.
