Gold, silver edge lower in morning trade
ETMarkets.com|
Updated: Oct 25, 2017, 11.26 AM IST
Gold and silver were trading in red in morning trade on Wednesday on account of subdued demand of precious metals by jewellers, industries and retailers amid firm equities market.
MCX Gold futures were down 0.29 per cent, or Rs 86, at Rs 29455 per 10 gram around 10.55 am (IST), while MCX Silver futures were down 0.32 per cent, or Rs 126, at Rs 39,596 per 1 kg at around the same time.
On the further movement of the yellow metal, Angel Commodities in a research note said, “We expect gold prices to trade lower on Wednesday as decision of the next Fed chair will be the focus amidst absence of any geopolitical tensions. Besides, the passage of budget blueprint is seen as a step towards Trumps’ planned tax cuts, thereby providing strength to the DX.”
SMC Investments and Advisors said, “Gold can move in range of Rs 29,400-29,800 per 10 gram while silver can move in range of Rs 39,500-40,000 in near term.”
Domestic equity markets hit fresh record high in opening trade on Wednesday. The BSE Sensex was up 271 points, or 0.83 per cent, at 32,879 around 11 am (IST), while NSE Nifty index was up 55 points, or 0.54 per cent, at 10,262 at around the same time.
MCX Gold futures were down 0.29 per cent, or Rs 86, at Rs 29455 per 10 gram around 10.55 am (IST), while MCX Silver futures were down 0.32 per cent, or Rs 126, at Rs 39,596 per 1 kg at around the same time.
On the further movement of the yellow metal, Angel Commodities in a research note said, “We expect gold prices to trade lower on Wednesday as decision of the next Fed chair will be the focus amidst absence of any geopolitical tensions. Besides, the passage of budget blueprint is seen as a step towards Trumps’ planned tax cuts, thereby providing strength to the DX.”
SMC Investments and Advisors said, “Gold can move in range of Rs 29,400-29,800 per 10 gram while silver can move in range of Rs 39,500-40,000 in near term.”
Domestic equity markets hit fresh record high in opening trade on Wednesday. The BSE Sensex was up 271 points, or 0.83 per cent, at 32,879 around 11 am (IST), while NSE Nifty index was up 55 points, or 0.54 per cent, at 10,262 at around the same time.
