Gold flat, likely to trade range-bound today
NEW DELHI: Gold was trading almost flat in morning deals on Thursday on account of subdued demand of the precious metal from jewellers, investors and retailers.
MCX Gold was trading 0.03 per cent down at Rs 27,987 per 10 gram around 10.40 am (IST), while MCX Silver was up 0.16 per cent at Rs 38,012 per 1 kg.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the US dollar and stocks firmed amid expectations of imminent interest rate rises.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its holdings stood at 851.89 tonnes, remain unchanged from previous business day.
Angel Broking said, “We expect gold prices to trade sideways on Thursday although the trend continues to be on the weaker side with no risk and uncertainties in any part of the globe. Besides, expectations of further rate hikes in the US will exert downside pressure on the yellow metal.”
Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,531.96 tonnes, up 119.22 tonnes, from previous business day.
MCX Gold was trading 0.03 per cent down at Rs 27,987 per 10 gram around 10.40 am (IST), while MCX Silver was up 0.16 per cent at Rs 38,012 per 1 kg.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the US dollar and stocks firmed amid expectations of imminent interest rate rises.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its holdings stood at 851.89 tonnes, remain unchanged from previous business day.
Angel Broking said, “We expect gold prices to trade sideways on Thursday although the trend continues to be on the weaker side with no risk and uncertainties in any part of the globe. Besides, expectations of further rate hikes in the US will exert downside pressure on the yellow metal.”
Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,531.96 tonnes, up 119.22 tonnes, from previous business day.