Gold, silver turn weak as dollar gains in clout

NEW DELHI: Precious metals gold and silver moved in the red in late morning session on Monday.

Globally, gold prices slipped to their lowest level in nearly two weeks as the dollar received support from rising US Treasury yields.

MCX Gold futures were off 0.18 per cent, or Rs 56, at Rs 31,376 per 10 grams at 11:20 am. MCX Silver futures were down 0.35 per cent, or Rs 142, at Rs 40,337 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, little changed from the previous business day.

Holdings of the largest silver-backed exchange-traded fund (ETF), New York’s iShares Silver Trust SLV, stood at 9,885.97, down 73.25 tonnes, from the previous business day.