Gold, silver trade flat as market awaits US healthcare vote
NEW DELHI: Gold and silver on the Multi Commodity Exchange (MCX) were trading on a flat note with negative bias in early trade on Friday on account of subdued demand for precious metals from retailers, jewellers and industries.
The yellow metal was trading 0.09 per cent, or Rs 25 down at Rs 28,775 per 10 gram around 10.30 am (IST), while the white metal was down 0.01 per cent, or Rs 6, at Rs 41,294 per 1 kg.
On the further movement of gold, Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day as markets waited to see if US President Donald Trump will face hurdles on his economic agenda after US lawmakers delayed a vote on a healthcare bill. Traders can sell gold with a stop loss above Rs 29,000. Prices are expected to test 28,500.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 834.40 tonnes, remain unchanged from the previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,342.04 tonnes, remain unchanged from the previous business day.
The yellow metal was trading 0.09 per cent, or Rs 25 down at Rs 28,775 per 10 gram around 10.30 am (IST), while the white metal was down 0.01 per cent, or Rs 6, at Rs 41,294 per 1 kg.
On the further movement of gold, Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day as markets waited to see if US President Donald Trump will face hurdles on his economic agenda after US lawmakers delayed a vote on a healthcare bill. Traders can sell gold with a stop loss above Rs 29,000. Prices are expected to test 28,500.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 834.40 tonnes, remain unchanged from the previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,342.04 tonnes, remain unchanged from the previous business day.
