Gold Rate Today: Gold, silver slide in morning deals

NEW DELHI: Precious metals gold and silver lost big in the morning trade on Wednesday.

MCX Gold futures were trading 0.38 per cent, or Rs 118 lower at Rs 31,070 per 10 grams at 11:11 am (IST), while MCX Silver futures were down 0.35 per cent, or Rs 138, at Rs 39,841 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 851.45 up 2.95 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 9952.13 tonnes, remain unchanged from the previous business day.

Nirmal Bang Securities in its commodity report says, “Precious metals are trading flat on COMEX today. We expect prices to trade rangebound to higher for the day, as political turmoil in Italy and concerns over Sino-US trade conflict spurred safe-haven demand.”

On the global front, Gold prices rose in early Asian trade.