Gold trades flat in early deal, silver down
NEW DELHI: Gold futures on the Multi Commodity Exchange (MCX) were trading on a flat note on Wednesday ahead of the US payrolls data, which is expected to release on Friday, amid rising expectations of rate hike by the US Federal Reserve later this month.
The yellow metal was trading 0.05 per cent, or Rs 13, up at Rs 28,764 per 10 gram around 10.30 (IST).
Nirmal Bang Commodities is positive on the further movement of gold. The brokerage house in a research note said, “Gold prices are expected to bounce. One can buy with a stop loss below Rs 28,630 per 10 gram for the target at Rs 28,920 per 10 gram.”
Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.45 per cent on Monday.
Angel Broking believes gold prices are expected to trade lower in coming sessions on anticipation of a rate hike in the FOMC meeting scheduled on 14-15th March. Besides, stronger dollar index will also exert downside pressure on gold prices.
Silver was down 0.18 per cent, or Rs 77, at Rs 41,866 per 1 kg.
The yellow metal was trading 0.05 per cent, or Rs 13, up at Rs 28,764 per 10 gram around 10.30 (IST).
Nirmal Bang Commodities is positive on the further movement of gold. The brokerage house in a research note said, “Gold prices are expected to bounce. One can buy with a stop loss below Rs 28,630 per 10 gram for the target at Rs 28,920 per 10 gram.”
Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.45 per cent on Monday.
Angel Broking believes gold prices are expected to trade lower in coming sessions on anticipation of a rate hike in the FOMC meeting scheduled on 14-15th March. Besides, stronger dollar index will also exert downside pressure on gold prices.
Silver was down 0.18 per cent, or Rs 77, at Rs 41,866 per 1 kg.
