Gold Rate Today: Gold, silver trade in the red on Akshaya Tritiya

NEW DELHI: Precious metals gold and silver were trading in the negative territory on Wednesday.

MCX Gold futures were trading 0.22 per cent, or Rs 70 lower at Rs 31,313 per 10 grams at 11 am (IST), while MCX Silver futures were down 0.15 per cent, or Rs 61, at Rs 39,299 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.

Jewellers are hopeful to clock better sales this Akshaya Tritiya, as this year it coincides with wedding season, and also they feel that the industry has come out from the effects of demonetisation and GST (Goods & Services Tax).

Abhishek Bhansal, founder & chairman of ABans Group of Companies feels that gold at the current market price is undervalued, and has scope for growth. “A personal portfolio can have 7-15 per cent investment in gold, as a hedge against turbulent times. Today‚Äôs investor is privileged and can invest in gold in multiple formats, at a transactional value which is lowest in history”, he added.

On the global front, gold prices slipped while the dollar held its gains on the back of upbeat March US housing starts and industrial production figures.