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

NEW DELHI: Precious metals gold and silver were trading in the red in morning deals on Wednesday.

MCX Gold futures were trading 0.31 per cent, or Rs 97 lower at Rs 31,078 per 10 grams at 10:58 am (IST), while MCX Silver futures were down 0.35 per cent, or Rs 140, at Rs 39,812 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 856.17 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 9940.41 tonnes, remain unchanged from the previous business day.

Brokerage Nirmal Bang Securities in its daily commodity report says, “Precious metals are trading flat to higher on COMEX today. We expect prices to trade range bound to higher for the day, after sliding to the lowest level this year in the previous session on surging US bond yields and a stronger dollar.”

On the global front, gold prices recovered slightly after sliding to the lowest level this year in the previous session on surging US bond yields and a stronger dollar.