MCX Gold futures were trading 0.06 per cent, or Rs 18 lower at Rs 31,395 per 10 grams at 11:25 am (IST), while MCX Silver futures were trading lower by Rs 1, at Rs 41,509 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 9824.92 tonnes, remain unchanged from the previous business day.
Nirmal Bang Securities in its commodity outlook report says, “Precious metals are trading lower on COMEX today. We expect prices to trade range bound for the day, after hitting a one-month high in the previous session on the European Central Bank’s decision to keep interest rates steady through the summer of 2019 and looming trade worries.”
On the global front, gold traded steady in early Asian trade.