In the last week Spot Gold prices gained sharply by more than 6 percent as revival in global market sentiments coupled with building inflationary pressures supported prices. But by the end of the week, prices came under pressure on the back of profit booking at higher levels.
Although European debt concerns have eased for the time-being, long-term risks associated with the European economy still remain as the current plans by the policymakers may be able to ease the short-term situation and may not necessarily translate into a permanent solution to the crisis that affected most major economies in the European region.
Holdings in the SPDR Gold Trust, world's largest gold-backed exchange-traded-fund (ETF), rose sharply by 1.3 percent to 1,243.55 tonnes till 28th October from the previous 1,227.51 tonnes on 21st October 2011.
Silver
Spot Silver prices gained 13 percent in the last week, taking cues from gold and upside in the base metals complex. Being an industrial metal, an improvement in the macroeconomic scenario helps ease demand concerns, thus supporting upside in prices.
Holdings in the iShares Silver Trust, the world's largest silverbacked exchange-traded fund, declined by 0.8 percent to 9,763.56 tonnes by 28th October from the previous 9,840.75 tonnes on 21st October 2011.
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Precious Metals Settle Lower on Profit Booking
Published 10/31/2011, 08:58 AM
Updated 05/14/2017, 06:45 AM
Precious Metals Settle Lower on Profit Booking
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