Gold trades lower in early trade; Rs 29,600 key resistance level for the yellow metal
Gold and silver were trading lower in early trade on Wednesday on account of subdued demand for precious metals from investors, jewellers and industries.
The yellow metal was trading 0.15 per cent, or Rs 43, down at Rs 29,289 per 10 gm at around 10.20 am (IST), while the white metal was down 0.29 per cent, or Rs 123, at Rs 42,379 per 1 kg around the same time.
Abnish Kumar, Director & Research Head, Amrapali Aadya, said: “On the technical chart, gold is witnessing a short-term bull market, where prices are increasing along with higher open interest, which has support at Rs 29,100 and could face resistance at Rs 29,600. As subdued dollar is fuelling the rally in gold and it is strongly recommended for traders to bet long. One needs to be a little vigilant while trading in gold as growing US job data can strengthen the dollar and make it outshine the yellow metal.”
SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 826.95 tonnes, up 8.30 tonnes, from previous business day.
Holdings of New York’s iShares Silver Trust SLV, the largest silver-backed exchange-traded-fund (ETF), stood at 10,410 tonnes, unchanged from the previous business day.
For Wednesday’s session, Angel Commodities said: “We expect gold prices to trade sideways as uncertainty regarding policies in the US continues to haunt global markets.”
The yellow metal was trading 0.15 per cent, or Rs 43, down at Rs 29,289 per 10 gm at around 10.20 am (IST), while the white metal was down 0.29 per cent, or Rs 123, at Rs 42,379 per 1 kg around the same time.
Abnish Kumar, Director & Research Head, Amrapali Aadya, said: “On the technical chart, gold is witnessing a short-term bull market, where prices are increasing along with higher open interest, which has support at Rs 29,100 and could face resistance at Rs 29,600. As subdued dollar is fuelling the rally in gold and it is strongly recommended for traders to bet long. One needs to be a little vigilant while trading in gold as growing US job data can strengthen the dollar and make it outshine the yellow metal.”
SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 826.95 tonnes, up 8.30 tonnes, from previous business day.
Holdings of New York’s iShares Silver Trust SLV, the largest silver-backed exchange-traded-fund (ETF), stood at 10,410 tonnes, unchanged from the previous business day.
For Wednesday’s session, Angel Commodities said: “We expect gold prices to trade sideways as uncertainty regarding policies in the US continues to haunt global markets.”
