Commodities » Precious Metals

Gold and silver daily review (September 09, 2010)

Contributed by Nirmal Bang

By Nirmal Bang

MARKET ROUNDUP

U.S. gold futures finished with small losses on Wednesday as some investors unwound the risk aversion play that sent prices near alltime highs earlier, but sentiment was mixed amid moderate holiday-like trade.

IN FOCUS

- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings stood to 1,294.442 tonnes by Sept 8, 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 September 8, 2010, unchanged from the previous business day.

- South African diversified miner Exxaro raised its wage offer to striking workers at its mineral sands unit on Wednesday, while a union said another strike at Northam Platinum might be long.

- Jaguar Mining Inc announces first gold pour at caet. Reiterates its gold production target at new caet? operation will total approximately 20,000 ounces in Q4 2010.

FUNDAMENTAL OUTLOOK

Precious metals prices edged lower on COMEX today. We don't expect any major movement in first half session today. Gold prices are expected to trade in the range of US$ 1250 - 1255/ ounce on COMEX. Initial claims data is due to be release later in the evening today that is likely to give direction to the gold prices.