Precious metals prices ended flat yesterday as market consolidated gains a day after a bullish reversal, but Federal Reserve Chairman Ben Bernanke's comments sent prices lower after COMEX settlement.
IN FOCUS
- The world's largest gold-backed exchange traded fund, SPDR Gold Trust said its holdings stood at 1,308.128 tonnes by July 21 down unchanged from July 20, 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 21st July, unchanged from July 20, the previous business day.
- Newcrest Mining said on Thursday its fiscal fourth-quarter gold output rose 26 percent from the previous quarter to 526,131 ounces.
- Miner Freeport McMoRan Copper & Gold has lowered its gold sales estimate by more than 20 percent for next year because of "geotechnical" issues at its vast Grasberg mine in Indonesia, Chief Executive Officer Richard Adkerson said on Wednesday.
- Canadian gold miner Red Back Mining Inc cut its full-year gold production forecast 9 percent, hurt by a damaged water pipeline at its Tasiast mine in Mauritania.
FUNDAMENTAL OUTLOOK
Precious metals prices are trading lower on COMEX today as the euro slipped against the dollar and equities weakened after Federal Reserve Chairman Ben Bernanke expressed concerns about the health of the U.S. economy. We expect a further fall in the prices of precious metals on the back of strength in the US dollar. But the downside will be limited on Indian exchanges due to a weaker rupee.
