Gold, silver trade lower in morning trade

NEW DELHI: Gold and silver prices were trading in the red in the domestic bullion market on Thursday.

MCX Gold futures were trading 0.15 per cent or Rs 47, down at Rs 30,675 per 10 grams at 11 am (IST), while MCX Silver futures were down 0.20 per cent, or Rs 76, at Rs 38,136 per 1 kg at the same time.

Nirmal Bang Securities in its daily commodity report says, “Gold prices are expected to trade sideways to positive from Rs 31,000 – Rs 30,700. One can buy with a stop loss below Rs 30,650.”

Silver prices are expected to trade sideways from Rs 38,600 – Rs 37,800. One can sell at Rs 38,400 with a stop loss above Rs 38,700, it said.

On the global front, gold prices fell after hitting a one-week high in the previous session, as the dollar steadied and equities recovered on the United States’s willingness to negotiate on tariffs with China, easing fears of a full-blown trade war.