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

NEW DELHI: Precious metals gold and silver were trading in the green on Thursday.

MCX Gold futures were trading 0.21 per cent, or Rs 67 higher at Rs 31,250 per 10 grams at 11:18 am (IST), while MCX Silver futures were up 0.24 per cent, or Rs 98, at Rs 40,372 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 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 9984.34 tonnes, remain unchanged from the previous business day.

Brokerage firm Nirmal Bang Securities in its commodity outlook says, “Precious metals are trading higher on COMEX today. We expect prices to trade higher for the day, as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the United States.”

On the global front, gold prices edged higher for a second day on Thursday.