Commodity Outlook, MCX Market Tips

PRECIOUS METALS

MARKET ROUNDUP

Precious metals prices dipped on Wednesday, losing momentum due to profit-taking after it soared by the most in over two months in the previous session on economic data that weakened the case for an imminent U.S. rate hike.

IN FOCUS  

• ·    SPDR Gold Trust GLD, the world's largest gold-backed exchangetraded fund, said its holdings stood at 951.81 down 0.33 tonnes, from previous business day.  
• ·     Holdings of the largest silverbacked exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 11281.84 up 35.44 tonnes, from previous business day.

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FUNDAMENTAL OUTLOOK

Precious metals are trading higher on COMEX today. We expect prices to trade higher for the day as the dollar slipped and investors awaited cues on monetary stimulus from a European Central Bank policy meeting due later in the day.