MCX Gold futures were trading 0.26 per cent, or Rs 81 lower at Rs 31,010 per 10 grams at 11:04 am (IST), while MCX Silver futures were down 0.27 per cent, or Rs 110, at Rs 40,085 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 855.28 down 0.89 tonnes, from the previous business day.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 9984.34 down 29.28 tonnes, from the previous business day.
Brokerage firm Nirmal Bang Securities in its Daily Commodity Outlook report says “Precious metals are trading lower on COMEX today. We expect prices to trade rangebound for the day, as the dollar rose and demand for safe-haven assets eased after US Treasury Secretary Steven Mnuchin said the US trade war with China was on hold.”
On the global front, the gold prices edged down on Monday as the dollar rose and demand for safe-haven assets eased.