Gold, silver trade lower ahead of Donald Trump speech
NEW DELHI: Gold and silver on the Multi Commodity Exchange (MCX) were trading lower in early trade on Tuesday on account of subdued demand of precious metals from jewellers, retailers and industries.
Traders are also waiting for a speech by the US President Donald Trump later in the day for more clarity on his economic policy.
The yellow metal was trading 0.43 per cent, or Rs 129, down at Rs 29,581 per 10 gram, while the white metal was trading 0.35 per cent, or Rs 154, down at Rs 43,270 per 1 kg.
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. However, holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10428.42 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day as investors awaited a speech by US President Donald Trump later in the day for more clarity on his economic policy.”
Ahmedabad gold spot prices on the NCDEX closed 1.05 per cent up at Rs 29,594 per 10 gm on Monday, while silver closed at Rs 43,400 per 1 kg against Rs 42,675 per 1 kg on Tuesday.
Traders are also waiting for a speech by the US President Donald Trump later in the day for more clarity on his economic policy.
The yellow metal was trading 0.43 per cent, or Rs 129, down at Rs 29,581 per 10 gram, while the white metal was trading 0.35 per cent, or Rs 154, down at Rs 43,270 per 1 kg.
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. However, holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10428.42 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day as investors awaited a speech by US President Donald Trump later in the day for more clarity on his economic policy.”
Ahmedabad gold spot prices on the NCDEX closed 1.05 per cent up at Rs 29,594 per 10 gm on Monday, while silver closed at Rs 43,400 per 1 kg against Rs 42,675 per 1 kg on Tuesday.
