7/14/2010 06:09:00 PM
Admin
MARKET ROUNDUP
Precious metals prices traded higher with gold rose nearly 2 percent to a high of $1,217.60 an ounce on Tuesday after debt rating agency Moody's cut Portugal's debt, boosting the yellow metal's appeal as a haven from risk and a hedge against currency market volatility.
IN FOCUS
-The world's largest Gold-backed exchange traded fund, the SPDR Gold Trust, said holdings stood at 1,314.819 tonnes as of Tuesday, unchanged from the previous business day.
-The world's largest Silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9185.29 tonnes as of 13th July, up by 33.51 tonnes from the previous business day.
-Canada's Alamos Gold Inc's second quarter gold production fell about 9 percent, hurt partly by drought conditions, and a project at its primary mine has been delayed, sending its shares down as much as 4 percent.
-Gold and gold receivables held by euro zone central banks remained unchanged at 352.092 billion euros in the week ending July 9, the European Central Bank said on Tuesday.
Precious metals prices are trading steady on COMEX today. The downgrading of Portugal yesterday indicates that the problem in euro zone has still not subsided. This situation is increasing the metal's appeal as a safe haven asset which will support the prices for the day.
