Gold trades lower in morning deals; silver up
NEW DELHI: Gold prices were trading lower in morning trade on Monday on account of subdued demand of precious metals from jewellers, retailers and industries amid firm equity markets.
MCX Gold was trading 0.16 per cent or Rs 46 down at Rs 28,589 per 10 gram around 10.45 am (IST), whereas MCX Silver was up 0.14 per cent or Rs 53 at Rs 39,164 per 1 kg.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 850.71 tonnes, remain unchanged from previous business day. Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,693.85 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities said, “We expect precious metals are like to trade range bound for the day, amid ongoing political worries surrounding US President Donald Trump that are expected to keep weighing on the dollar.”
According to Angel Broking, gold prices on the MCX are expected to trade sideways on Monday. Market focus has now shifted to promised tax cuts and infra spending by the US president which in turn can pull down precious metals.
Benchmark equity index BSE Sensex was trading 135 points, or 0.45 per cent, up at 30,600 around 10.50 am (IST), while NSE Nifty index was up 24.65 points, or 0.26 per cent, at 9,452.
MCX Gold was trading 0.16 per cent or Rs 46 down at Rs 28,589 per 10 gram around 10.45 am (IST), whereas MCX Silver was up 0.14 per cent or Rs 53 at Rs 39,164 per 1 kg.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 850.71 tonnes, remain unchanged from previous business day. Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,693.85 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities said, “We expect precious metals are like to trade range bound for the day, amid ongoing political worries surrounding US President Donald Trump that are expected to keep weighing on the dollar.”
According to Angel Broking, gold prices on the MCX are expected to trade sideways on Monday. Market focus has now shifted to promised tax cuts and infra spending by the US president which in turn can pull down precious metals.
Benchmark equity index BSE Sensex was trading 135 points, or 0.45 per cent, up at 30,600 around 10.50 am (IST), while NSE Nifty index was up 24.65 points, or 0.26 per cent, at 9,452.