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

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

MCX Gold futures were trading 0.09 per cent, or Rs 27 lower at Rs 30,970 per 10 grams at 11:08 am (IST), while MCX Silver futures were down 0.14 per cent, or Rs 56, at Rs 39,919 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 9998.98 up 58.57 tonnes, from the previous business day.

Brokerage Nirmal Bank Securities in its daily commodity outlook report says, “Precious metals are trading flat to higher on COMEX today. We expect prices to trade range bound for the day, amid geopolitical uncertainty and a slightly weaker US dollar.”

On the global front, gold prices were mostly steady on Thursday after touching their lowest level this year in the previous session, with the US dollar hovering below its 2018-peak.