MCX Gold futures were trading 0.21 per cent, or Rs 65, down at Rs 30,837 per 10 grams at 11 am (IST), while MCX Silver futures were up 0.05 per cent, or Rs 19, at Rs 38,974 per 1 kg at the same time.
SMC Investments and Advisors in its commodity report said, “Bullion counter may continue to remain on a firm note on safe-haven buying amid trade war tensions but profit booking at higher levels cannot be denied as bounce back in global stock markets can cap the upside. On domestic bourses, gold can take support near 30,700 while silver can take support near 38,800 in MCX. On the upside, gold can test 31,100 while silver can test 39,150.”
On the global front too, gold prices inched lower. Spot gold fell 0.1 per cent to $ 1,352.40 per ounce while US gold futures for April delivery fell 0.2 per cent to $ 1,352.20 per ounce.