Gold, silver trade flat in morning deals
NEW DELHI: Gold and silver futures on the Multi Commodity Exchange were trading almost flat in the morning deals on Tuesday as investors looked to see if US President Donald Trump will be able to pass promised tax cuts and infrastructure spending, taking the dollar off multi-month lows.
The yellow metal was trading 0.05 per cent, or Rs 15, down at Rs 28,792 per 10 gram, while the white metal was trading 0.21 per cent, or Rs 88, down at Rs 42,034 per 1 kg around 10.30 am (IST).
SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 835.29 tonnes, up 2.67 tonnes, from previous business day.
Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10342.04 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities in a research note said, “We expect gold prices to trade range bound for the day. One can buy silver with a stop loss below Rs 41650 per 1 kg for the target at Rs 42,700.”
According to Angel Broking, uncertainty with regards to healthcare plan by Trump and the promises on infra spending and tax cuts will keep investors flight towards safe haven supporting the yellow metal.
Meanwhile, benchmark equity indices BSE Sensex and NSE Nifty were trading higher in morning deals following global cues.
The 30-share Sensex was up 180 points, or 0.62 per cent, at 29417.86, while the 50-share NSE Nifty index was up 48.05 points, or 0.53 per cent, at 9,093 around 10.40 am (IST).
The yellow metal was trading 0.05 per cent, or Rs 15, down at Rs 28,792 per 10 gram, while the white metal was trading 0.21 per cent, or Rs 88, down at Rs 42,034 per 1 kg around 10.30 am (IST).
SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 835.29 tonnes, up 2.67 tonnes, from previous business day.
Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10342.04 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities in a research note said, “We expect gold prices to trade range bound for the day. One can buy silver with a stop loss below Rs 41650 per 1 kg for the target at Rs 42,700.”
According to Angel Broking, uncertainty with regards to healthcare plan by Trump and the promises on infra spending and tax cuts will keep investors flight towards safe haven supporting the yellow metal.
Meanwhile, benchmark equity indices BSE Sensex and NSE Nifty were trading higher in morning deals following global cues.
The 30-share Sensex was up 180 points, or 0.62 per cent, at 29417.86, while the 50-share NSE Nifty index was up 48.05 points, or 0.53 per cent, at 9,093 around 10.40 am (IST).
