Gold Rate Today: Gold, silver down in morning trade

Gold and silver were trading lower in morning trade on Tuesday on account of subdued demand of precious metals from jewellers, industries and retailers.

MCX Gold was down 0.19 per cent, or Rs 58, at Rs 30,701 per 10 gram at around 10.50 am (IST), whereas MCX Silver futures were down 0.36 per cent, or Rs 139, at Rs 38,406 per 1 kg at around the same time.

Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the dollar and Asian stocks slipped, while concerns about the prospect of an escalation in the China-US trade spat and reports of a poison gas attack in Syria offered support as well.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 859.99 tonnes, remain unchanged from previous business day.

However, latest holdings of the largest silver backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 9,959.22 tonnes, remain unchanged from previous business day.

India’s gold imports in March halved from a year ago to 52.5 tonnes as a rally in local prices to 16-month high slashed demand in the world’s second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS and bank dealers showed.