Gold, silver trade mixed in morning session, here’s why
NEW DELHI: Precious metals were trading mixed in morning trade on Monday, with gold marginally in red on account of lukewarm demand for the metal by jewellers and investors. The yellow metal was trading 0.10 per cent, or Rs 29, down at 29,144 at around 10.35 am (IST).
On the other hand, silver was trading 0.14 per cent, or Rs 58, up at Rs 42,655 per 1 kg around the same time.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the dollar strengthened against the yen, with the greenback buoyed by a smooth meeting between the US President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 836.73 tonnes up 4.15 tonnes, from the 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, unchanged from the previous business day.
Angel Commodities Broking said, “Strengthening dollar, host of good economic data sets from the US and possibility of rate hike sooner than markets expect are push factors for gold prices to go lower in the near term.”
NCDEX data showed spot prices of gold Ahmedabad closed at Rs 29,050 per 10 gm on Friday against Rs 29,380 on Thursday. Silver Ahmedabad had settled at Rs 41,905 per 1 kg on Friday against Rs 42,339 on Thursday.
On the other hand, silver was trading 0.14 per cent, or Rs 58, up at Rs 42,655 per 1 kg around the same time.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the dollar strengthened against the yen, with the greenback buoyed by a smooth meeting between the US President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 836.73 tonnes up 4.15 tonnes, from the 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, unchanged from the previous business day.
Angel Commodities Broking said, “Strengthening dollar, host of good economic data sets from the US and possibility of rate hike sooner than markets expect are push factors for gold prices to go lower in the near term.”
NCDEX data showed spot prices of gold Ahmedabad closed at Rs 29,050 per 10 gm on Friday against Rs 29,380 on Thursday. Silver Ahmedabad had settled at Rs 41,905 per 1 kg on Friday against Rs 42,339 on Thursday.
