Commodities » Precious Metals

Gold and silver daily review (September 08, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

Precious metals prices ended with healthy gains yesterday after rising early to its highest level since late June, as renewed concerns about the European banking system sent investors seeking safe-haven assets.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings rose to 1294.44 tonnes by Sept. 07, unchanged from the previous business day.

- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9276.73 tonnes as of Sept. 06, down by 0.03 tonnes from the previous business day.

- Gold and gold receivables held by euro zone central banks remained unchanged at 351.97 billion euros in the week ending Sept. 3, the European Central Bank said on Tuesday.

- Gold-Ore Resources Ltd. announced operational highlights for the three month period ending August 31, 2010. The mine delivered another strong quarter, producing 11,021 ounces of gold. This represents a 32% increase over the previous year.

FUNDAMENTAL OUTLOOK

Precious metals prices are trading firm on COMEX today. We expect a further rise in the prices of precious metals as renewed concerns from euro zone is expected to lend support to safe-haven assets.