Gold Rate Today: Gold falls, silver gains big in morning deals

NEW DELHI: Gold prices slipped while silver logged big gains in the morning trade on Monday.

MCX Gold futures were trading 0.16 per cent, or Rs 50 lower at Rs 31,165 per 10 grams at 11:21 am (IST), while MCX Silver futures were up 0.67 per cent, or Rs 270, at Rs 40,682 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 828.76 down 3.83 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 9930.91 down 43.32 tonnes, from the previous business day.

Nirmal Bang Securities in its daily report says, “Precious metals are trading higher on COMEX today. We expect prices to trade higher for the day, as the dollar softened ahead of key central bank policy meetings and the US-North Korea summit this week, and as a weekend G7 summit fanned trade war fears.”

On the global front, gold prices edged higher in early Asian trade as the dollar softened ahead of key central bank policy meetings and the US-North Korea summit this week, and as a weekend G7 summit fanned trade war fears.