Gold, silver trade trade in red on Friday morning
ETMarkets.com|
Updated: Oct 13, 2017, 11.08 AM IST
Gold and silver were trading in red in morning trade on Friday on account of subdued demand of precious metals by jewellers, industries and retailers.
MCX Gold futures were down 0.11 per cent, or Rs 34, at Rs 29,780 per 10 gram around 10.20 am (IST), whereas MCX Silver futures were down 0.13 per cent, or Rs 52, at Rs 40,300 per 1 kg.
According to Angel Broking, the focus of the markets have now shifted from the geo-political crisis to the economic data that will be released from the US, besides, the possibility of rate hike scenario in the US is a factor for gold prices to move lower in the sessions ahead.
“On the MCX, gold prices are expected to trade lower on Friday,” Angel Broking said.
However, SMC Investments and Advisors believes that bullion counter may trade on positive path as weaker greenback and slightly dovish outcome from FOMC minutes can give support to the prices.
Meanwhile movement of local currency rupee will give further direction to the prices.
“Gold can move in range of Rs 29,600-29,950 while silver can move in range of Rs 40,000-40,500 in near term,” SMC said.
MCX Gold futures were down 0.11 per cent, or Rs 34, at Rs 29,780 per 10 gram around 10.20 am (IST), whereas MCX Silver futures were down 0.13 per cent, or Rs 52, at Rs 40,300 per 1 kg.
According to Angel Broking, the focus of the markets have now shifted from the geo-political crisis to the economic data that will be released from the US, besides, the possibility of rate hike scenario in the US is a factor for gold prices to move lower in the sessions ahead.
“On the MCX, gold prices are expected to trade lower on Friday,” Angel Broking said.
However, SMC Investments and Advisors believes that bullion counter may trade on positive path as weaker greenback and slightly dovish outcome from FOMC minutes can give support to the prices.
Meanwhile movement of local currency rupee will give further direction to the prices.
“Gold can move in range of Rs 29,600-29,950 while silver can move in range of Rs 40,000-40,500 in near term,” SMC said.
