Gold Rate Today: Gold, silver fall in morning trade

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

MCX Gold futures were trading 0.21 per cent, or Rs 66 lower at Rs 31,150 per 10 grams at 11:05 am (IST), while MCX Silver futures were down 0.28 per cent, or Rs 114, at Rs 40,677 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 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 9930.31 down 00.60 tonnes, from the previous business day.

Nirmal Bang Securities in its report says, “Precious metals are trading lower on COMEX today. We expect prices to trade rangebound for the day, weighed down by a stronger dollar amid encouraging signs ahead of a historic US-North Korea summit and a likely interest rate hike by the US Federal Reserve.”

On the global front, gold prices edged lower