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Thursday, 8 September 2016

Commodity Outlook, MCX Market Tips


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.
  • ·    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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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.

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