Gold, silver trade higher in early trade; likely to trade rangebound today
NEW DELHI: Gold and silver prices were trading higher in early trade on Tuesday on account of some buying in precious metal pack by jewellers, investors and industries.
The yellow metal was trading 0.22 per cent, or Rs 65, up at Rs 29,086 per 10 gram around 10.15 am (IST), while silver was up 0.22 per cent, or Rs 93, at Rs 42,515 per 1 kg.
According to Nirmal Bang Commodities, precious metals are likely to trade rangebound for the day as investors turned their attention to testimony from US Federal Reserve Chair Janet Yellen later in the day for hints on the central bank's interest rate strategy.
MCX Gold on Monday closed 0.53 per cent down at Rs 29019, while MCX Silver settled 0.36 per cent down at Rs 42,443. According to commodity experts, precious metals prices slipped on Monday on account of strengthening dollar.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 840.87 tonnes up 4.14 tonnes, from previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,410.74 tonnes, remain unchanged from previous business day.
On the further price movement of the yellow metal, Angel Broking Commodities in a research note said, “Gold prices are likely to trade sideways on Tuesday as investors will keenly watch Janet Yellen’s testimony due Tuesday and Wednesday for any comments on rate hike timing.”
The yellow metal was trading 0.22 per cent, or Rs 65, up at Rs 29,086 per 10 gram around 10.15 am (IST), while silver was up 0.22 per cent, or Rs 93, at Rs 42,515 per 1 kg.
According to Nirmal Bang Commodities, precious metals are likely to trade rangebound for the day as investors turned their attention to testimony from US Federal Reserve Chair Janet Yellen later in the day for hints on the central bank's interest rate strategy.
MCX Gold on Monday closed 0.53 per cent down at Rs 29019, while MCX Silver settled 0.36 per cent down at Rs 42,443. According to commodity experts, precious metals prices slipped on Monday on account of strengthening dollar.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 840.87 tonnes up 4.14 tonnes, from previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,410.74 tonnes, remain unchanged from previous business day.
On the further price movement of the yellow metal, Angel Broking Commodities in a research note said, “Gold prices are likely to trade sideways on Tuesday as investors will keenly watch Janet Yellen’s testimony due Tuesday and Wednesday for any comments on rate hike timing.”
