Gold Rate Today: Gold, silver down in early trade
Commodity Summary MCX
NEW DELHI: Gold prices were trading lower in early trade on Wednesday as the dollar held steady ahead of a meeting between the US and European Commission presidents to discuss trade-related issues. MCX Gold futures were down 0.21 per cent, or Rs 63, at Rs 29,800 per 10 gram in early trade. Silver was also trading in the red.
MCX Silver futures were down 0.23 per cent, or Rs 89, at Rs 38,361 per 1 kg at around 10.15 am (IST).
According to SMC Global Securities, bullion counter may trade on sideways path as investors awaited US economic growth data due later this week. The second-quarter US economic growth data is due on Friday. Market watchers largely expect growth to top current forecasts of 4.1 per cent.
“Gold can take support near Rs 29,750 per 10 gram and can face resistance near Rs 30,000 in MCX. Meanwhile, silver can take support near Rs 38,200 and resistance near Rs 38600,” the brokerage house said.
The Trump administration on Tuesday said it will use a Great Depression-era programme to pay up to $12 billion to help US farmers weather a growing trade war with China, the European Union and others that the president began. Russia’s largest gold producer Polyus said on Tuesday its gold sales in the second quarter were up 12 per cent from the previous quarter and stood at $683 million.
MCX Silver futures were down 0.23 per cent, or Rs 89, at Rs 38,361 per 1 kg at around 10.15 am (IST).
According to SMC Global Securities, bullion counter may trade on sideways path as investors awaited US economic growth data due later this week. The second-quarter US economic growth data is due on Friday. Market watchers largely expect growth to top current forecasts of 4.1 per cent.
“Gold can take support near Rs 29,750 per 10 gram and can face resistance near Rs 30,000 in MCX. Meanwhile, silver can take support near Rs 38,200 and resistance near Rs 38600,” the brokerage house said.
The Trump administration on Tuesday said it will use a Great Depression-era programme to pay up to $12 billion to help US farmers weather a growing trade war with China, the European Union and others that the president began. Russia’s largest gold producer Polyus said on Tuesday its gold sales in the second quarter were up 12 per cent from the previous quarter and stood at $683 million.