Trading strategy for Gold and Silver Futures, Commodity Market Outlook
June 18, 2009 |11:22 | Metals By : Team X
Precious metals climbed on Tuesday as the dollar fell amid speculation that major emerging countries could diversify their reserves away from the greenback, boosting bullion as a hedge against the dollar.
Gold futures rose by nearly $4.7 or 0.5 percent and settled at $932.2 an ounce on COMEX while Silver futures gained over a percent on COMEX. However, Gold and Silver gained 0.26 percent and 0.20 percent respectively on MCX.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,132.15 tonnes as of June 16, unchanged from the previous business day.U. S. industrial production in May slid 1.1 percent from June, more than expected, a Federal Reserve report showed.
At a summit, the so-called BRIC nations of Brazil, Russia, India and China demanded more power for developing nations in international financial institutions but they steered clear of any assault on the U. S. dollar's dominance.
