Gold Rate Today: Gold, silver lose nearly 1% in morning deals

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

MCX Gold futures were trading 0.75 per cent, or Rs 233 lower at Rs 30,956 per 10 grams at 10:57 am (IST), while MCX Silver futures were down 0.68 per cent, or Rs 272, at Rs 39,995 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 9952.13 down 32.21 tonnes, remain unchanged from the 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 lower for the day, on revived hopes of a US-North Korea summit, while a strong dollar also weighed on the market.”

On the global front, gold prices eased, following their biggest weekly gain in six weeks.