Gold Rate Today: Gold, silver down in morning trade

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

MCX Gold futures were down 0.36 per cent, or Rs 113, at Rs 31,405 per 10 gram at around 10.30 am (IST), whereas MCX Silver futures were down 0.35 per cent, or Rs 141, at Rs 40,400 per 1 kg.

According to SMC Global Securities, gold can take support near Rs 31,350 and can face resistance near Rs 31,650 in MCX. Meanwhile, silver can take support near Rs 40,300 and can face resistance near Rs 40,800.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.62 per cent to 857.64 tonnes on Friday.

Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 9966.77 tones down 87.86 tonnes, remain unchanged from previous business day.

Nirmal Bang Commodities said, “We expect prices to trade range bound for the day, as investors considered the prospects of slower interest rate hikes in the United States.”

However, domestic equity markets were trading in green in morning trade on Monday despite disappointing macroeconomic data.

The 30-share barometer, which had gained 289.52 points in the previous session, was trading higher by 68 points, or 0.19 per cent, at 35,603, whereas NSE Nifty index was up 15 points, or 0.14 per cent, at 10,821.55.