Gold, silver trade lower in early trade
NEW DELHI: Gold and silver on the Multi Commodity Exchange (MCX) were trading lower in early trade on Friday on account of subdued demand of precious metals from jewellers, investors and industries.
The yellow metal was trading 0.19 per cent, or Rs 56, down at Rs 29,360 around 10.15 am (IST), while the white metal was down 0.15 per cent, or Rs 66, at Rs 42944 per 1 kg.
For today’s trading session, Angel Broking Commodities in a research note said, “We expect gold prices to trade higher on Friday as uncertainty continues to haunt investor’s flight towards safe haven, while weak dollar index would also be supportive for gold prices.”
Precious metals prices gained on Thursday as the dollar weakened after a 10-day winning streak and investors took the opportunity to buy bullion as a hedge against political uncertainty in the United States and Europe.
MCX Gold closed 0.99 per cent up at Rs 29,432 per 10 gram on Thursday, while MCX Silver settled 0.93 per cent up at Rs 43,048 per 1 kg.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 843.54 up 2.67 tonnes, from previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10410.74 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities said, “We expect prices to trade higher on Friday as the dollar hovered near one-week lows, putting the precious metal on track for a third week of gains amid political uncertainties in the US and Europe.”
The yellow metal was trading 0.19 per cent, or Rs 56, down at Rs 29,360 around 10.15 am (IST), while the white metal was down 0.15 per cent, or Rs 66, at Rs 42944 per 1 kg.
For today’s trading session, Angel Broking Commodities in a research note said, “We expect gold prices to trade higher on Friday as uncertainty continues to haunt investor’s flight towards safe haven, while weak dollar index would also be supportive for gold prices.”
Precious metals prices gained on Thursday as the dollar weakened after a 10-day winning streak and investors took the opportunity to buy bullion as a hedge against political uncertainty in the United States and Europe.
MCX Gold closed 0.99 per cent up at Rs 29,432 per 10 gram on Thursday, while MCX Silver settled 0.93 per cent up at Rs 43,048 per 1 kg.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 843.54 up 2.67 tonnes, from previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10410.74 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities said, “We expect prices to trade higher on Friday as the dollar hovered near one-week lows, putting the precious metal on track for a third week of gains amid political uncertainties in the US and Europe.”
