MCX Gold futures were trading 0.09 per cent, or Rs 28 lower at Rs 31,270 per 10 grams at 11 am (IST), while MCX Silver futures were up 0.10 per cent, or Rs 38, at Rs 39,140 per 1 kg at the same time.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings stood at 865.89 tonnes, remain unchanged from the previous business day.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 9959.22 tonnes, remain unchanged from the previous business day.
Nirmal Bang Securities in its daily technical report says,”Gold prices are expected to trade sideways from Rs 31,000 – Rs 31,400. Fresh buying could be witnessed above Rs 31,400. One can buy on dips with a stop loss below Rs 30,900.”
“Silver prices are expected to trade positive. One can buy on dips with a stop loss below Rs 38,600. Prices could test Rs 39,700-800,” it added.
On the global front, Gold prices edged higher as the US dollar slipped further, making bullion less expensive for holders of other currencies