Gold Rate Today: Gold, silver trade higher in morning deals

NEW DELHI: Precious metals gold and silver were trading flat in the morning deals.

MCX Gold futures were trading 0.05 per cent, or Rs 15 lower at Rs 30,940 per 10 grams at 11:13 am (IST), while MCX Silver futures were down 0.27 per cent, or Rs 105, at Rs 38,914 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 866.77 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 10045.85 up 189.18 tonnes, from the previous business day.

On the global front, gold prices edged higher for a second session ahead of much awaited US-China trade talks, where a breakthrough deal is viewed as highly unlikely.

Read more: Gold’s first quarter global demand worst since 2008: WGC

Gold demand had a soft start to 2018, reaching 973 tonnes (t), the lowest first quarter since 2008, according to data released by World Gold Council on Thursday.

Global jewellery demand was roughly flat at 488t, down 1 per cent on Q1 2017. Demand in China was buoyed by holiday demand, and US demand continued to improve in response to the supportive economic backdrop. In contrast, Indian consumers were discouraged by rising gold prices, exaggerated by a weakening rupee, with demand down 12 per cent compared with 2017.