Gold Rate Today: Gold, silver down on profit booking

Gold and silver were trading lower in morning trade on Monday on account of subdued demand of precious metals from jewellers, industries and retailers amid profit booking by investors after a rally last week.

MCX Gold futures were trading 0.22 per cent, or Rs 67, down at Rs 30,840 per 10 gram at around 10.30 am (IST), whereas MCX Silver futures were trading 0.16 per cent, or Rs 64, down at Rs 38,810 at around the same time. Gold prices climbed nearly 1.50 per cent last week, whereas silver advanced 0.31.

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 850.54 tonnes, remain unchanged from previous business day.

Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 9,893.08 tonnes, down 49.82 tonnes, from previous business day.

According to SMC Investments and Advisors, profit booking at higher levels can be seen in bullion counter after strong upside rally being witnessed last week. “Recently weaker greenback and safe haven buying amid trade war lifted the prices higher. On domestic bourses gold can take support near Rs 30,650 per 10 gram while silver can take support near Rs 38,600 per 1 kg on MCX. On the upside, gold can test Rs 31,100 while silver can test Rs 39,200.”