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

NEW DELHI: Precious metals gold and silver were trading in the red on Friday.

MCX Gold futures were trading 0.34 per cent, or Rs 106 lower at Rs 30,725 per 10 grams at 11:06 am (IST), while MCX Silver futures were up 0.57 per cent, or Rs 228, at Rs 39,676 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 847.03 down 4.42 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 10016.55 tonnes, remain unchanged from the previous business day.

Nirmal Bang Securities in its daily report says, “Precious metals are trading lower on COMEX today. We expect prices to trade rangebound to higher for the day, as concerns over a global trade war increased after the United States imposed tariffs on steel and aluminium imports from Canada, Mexico and the European Union.”

On the global front, gold prices edged higher as concerns over a global trade war escalated.