Gold trades higher post Fed minutes; silver flat
NEW DELHI: Gold prices on the Multi Commodity Exchange (MCX) were trading higher in early trade on Thursday after minutes from the last US Federal Reserve meeting showed uncertainty among policymakers about the new Trump administration's economic program.
The yellow metal was trading 0.24 per cent, or Rs 70, higher at Rs 29,278 per 10 gram around 10.40 am (IST).
Silver was trading flat at Rs 42,708 per 1 kg on account of subdued demand of white metal from industries.
For Thursday’s trading session, Angel Commodities in a research report said, “We expect gold prices to trade sideways as international markets are almost flat while the minutes of the US Federal Reserve pointed towards faster rate hikes in the months ahead.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 841.17 tonnes, remain unchanged from previous business day.
Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,428.42 tonnes, up 18.05 tonnes, from previous business day.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the US dollar firmed following overnight losses after the release of minutes from the last US Federal Reserve meeting, which suggested a cautious approach to interest rate hikes.”
The yellow metal was trading 0.24 per cent, or Rs 70, higher at Rs 29,278 per 10 gram around 10.40 am (IST).
Silver was trading flat at Rs 42,708 per 1 kg on account of subdued demand of white metal from industries.
For Thursday’s trading session, Angel Commodities in a research report said, “We expect gold prices to trade sideways as international markets are almost flat while the minutes of the US Federal Reserve pointed towards faster rate hikes in the months ahead.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 841.17 tonnes, remain unchanged from previous business day.
Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,428.42 tonnes, up 18.05 tonnes, from previous business day.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the US dollar firmed following overnight losses after the release of minutes from the last US Federal Reserve meeting, which suggested a cautious approach to interest rate hikes.”
