MCX Gold futures were trading 0.27 per cent, or Rs 84 lower at Rs 31,028 per 10 grams at 11:27 am (IST), while MCX Silver futures were down 0.23 per cent, or Rs 94, at Rs 40,293 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 852.04 down 3.24 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 tonnes, remain unchanged from previous business day.
Nirmal Bang Securities in its daily commodity report says,” Precious metals are trading lower on COMEX today. We expect prices to trade range bound for the day, as a firm dollar near five-month highs and optimism in global markets curbed appetite for the precious metal.”
On the global front, gold prices were largely steady after posting a fresh low for the year-to-date in the previous session, as the US dollar took a breather from its recent rally to trade below a five-month high.