Gold trades higher on rising geopolitical tensions; may test Rs 29,700
NEW DELHI: Gold was trading higher in early trade on Monday after the dollar weakened with investors going for fresh positions in safe-haven assets in the wake of rising geopolitical tensions over North Korea.
The yellow metal was trading 0.10 per cent up at Rs 29,438 per 10 gram on the Multi Commodity Exchange (MCX) at 10.20 am (IST).
MCX Silver was also trading higher by 0.16 per cent at Rs 42639 per 1 kg at around the same time.
On Monday’s movement of precious metals, Nirmal Bang Commodities said, “Gold prices are expected to test Rs 29,650-700. Traders can buy on dips with a stop loss below Rs 29,300. Silver prices are expected to witness fresh buying if sustains above Rs 426,00. One can buy with a stop loss below Rs 42,300.”
SMC Investment and Advisors said, “Bullion counter may extend last week gains on safe haven demand on increasing geopolitical tensions.”
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.77 percent to 848.92 tonnes on Thursday from 842.41 tonnes on Wednesday.
The yellow metal was trading 0.10 per cent up at Rs 29,438 per 10 gram on the Multi Commodity Exchange (MCX) at 10.20 am (IST).
MCX Silver was also trading higher by 0.16 per cent at Rs 42639 per 1 kg at around the same time.
On Monday’s movement of precious metals, Nirmal Bang Commodities said, “Gold prices are expected to test Rs 29,650-700. Traders can buy on dips with a stop loss below Rs 29,300. Silver prices are expected to witness fresh buying if sustains above Rs 426,00. One can buy with a stop loss below Rs 42,300.”
SMC Investment and Advisors said, “Bullion counter may extend last week gains on safe haven demand on increasing geopolitical tensions.”
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.77 percent to 848.92 tonnes on Thursday from 842.41 tonnes on Wednesday.
