7/23/2010 07:15:00 PM
Admin
U.S. Gold futures ended higher on Thursday as strong corporate earnings pointed to a brighter economic outlook, increasing gold's investment appeal.
- The world's largest Gold-backed exchangetraded fund, SPDR Gold Trust said its holdings fell to 1,302.046 tonnes by July 22 from 1,308.128 on July 20. The holdings hit a record at 1,320.436 tonnes on June 29.
- The world's largest silver-backedexchange-traded fund, the iShares Silver Trust, said its holdings stood at 9185.29 tonnes as of 22th July, unchanged from the previous business day.
- Russian miner Petropavlovsk expects annual gold output to be at the lower end of the previous guidance of 670,000 to 760,000 ounces after first-half production fell 26 percent, pushing the shares lower.
- Troubled Canadian explorer Pacific Rim Mining Corp said its ability to continue as a "going concern" is dependent on its ability to obtain additional funding. The company, which has no source of revenue and has had negligible sales for the past three years, said its primary asset El Dorado gold project in El Salvador was put on cessation in July 2008 following opposition by antimining activists.
Precious metals prices edged down on COMEX today. Release of European bank stress test results later in the day may lift the sentiments for other asset classes. We may see some correction on the back of profit taking in the prices of precious metals today on MCX. Selling on rise should be the investor's strategy today.
