Gold Rate Today: Gold, silver down in morning trade
Commodity Summary MCX
Gold and silver were trading lower
on Monday morning on account of subdued demand for precious metals from jewellers, industries and retailers.
MCX Gold futures were down 0.14 per cent, or Rs 42, at Rs 30,105 per 10 gram, while MCX Silver futures were down 0.70 per cent, or Rs 277, at Rs 39,058 per 1 kg.
Angel Commodities said, “We expect gold prices to trade lower as comments from Fed Chairman Jerome Powell about growth in the US economy are the near term factors for the yellow metal.”
The Federal Reserve on Friday pointed to “solid” US economic growth during the first half of the year in its semi-annual report to Congress, where it also reiterated that it expected to continue to raise interest rates gradually.
It is the Fed's second submission to lawmakers since Powell took the helm of the Fed in early February. He is scheduled to answer questions on it before lawmakers on Tuesday and Wednesday.
The Fed has raised interest rates seven times since it began a tightening cycle back in December 2015 and last lifted its benchmark lending rate by a quarter percentage point in mid June. The Fed sees another two rate hikes by year end.
Holdings for the largest gold-backed exchange-traded-fund, New York's SPDR Gold Trust, have fallen more than 8 per cent since late April to below 26 million ounces.
MCX Gold futures were down 0.14 per cent, or Rs 42, at Rs 30,105 per 10 gram, while MCX Silver futures were down 0.70 per cent, or Rs 277, at Rs 39,058 per 1 kg.
Angel Commodities said, “We expect gold prices to trade lower as comments from Fed Chairman Jerome Powell about growth in the US economy are the near term factors for the yellow metal.”
The Federal Reserve on Friday pointed to “solid” US economic growth during the first half of the year in its semi-annual report to Congress, where it also reiterated that it expected to continue to raise interest rates gradually.
It is the Fed's second submission to lawmakers since Powell took the helm of the Fed in early February. He is scheduled to answer questions on it before lawmakers on Tuesday and Wednesday.
The Fed has raised interest rates seven times since it began a tightening cycle back in December 2015 and last lifted its benchmark lending rate by a quarter percentage point in mid June. The Fed sees another two rate hikes by year end.
Holdings for the largest gold-backed exchange-traded-fund, New York's SPDR Gold Trust, have fallen more than 8 per cent since late April to below 26 million ounces.