MARKET ROUNDUP
US gold futures ended higher on Tuesday as the euro climbed against the U.S. currency, making the dollar-denominated metal cheaper for holders of other currencies.
IN FOCUS
- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings rose to 1,294.604 tonnes by Aug. 17 from 1,286.699 tonnes on Aug. 12.
- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9151.03 tonnes as of August 17, unchanged from the previous business day.
- The world's top pure silver mine, San Bartolome, has resumed production in Bolivia, owner Coeur d'Alene said on Tuesday, a day after demonstrators ended protests that brought mines in the Andean country to a halt.
- Newcrest Mining, Australia's top gold producer reported a record full-year underlying profit on Monday, topping forecasts, and flagged a near doubling in capital spending to develop Australia's largest underground mine.
FUNDAMENTAL OUTLOOK
Precious metals prices are trading marginally down on COMEX today. We expect gold to remain range bound on the back of absence of major trigger today. Gold is expected to trade in the range of $1220-1230/ounce today. These levels are good levels to go long in gold for medium term.
Gold and Silver daily Review.
8/18/2010 05:20:00 PM
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