Gold Rate Today: Gold trades higher in morning trade, silver down

Gold was trading higher in early trade on Monday as a buoyant euro kept the dollar off its 11-month highs, with trade issues between the United States and the European Union further supporting the bullion. MCX Gold futures were up 0.18 per cent at Rs 30,665 per 10 gram at around 10.45 am (IST).

On the other hand, silver was trading almost flat. MCX Silver futures were down 0.02 per cent at Rs 39,779 per 1 kg.

The US President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20 per cent tariff on all US imports of European Union-assembled cars.

“Gold can take support near Rs 30,450 and can face resistance near Rs 30,800 in MCX. Meanwhile, Silver can take support near Rs 39,450 and can face resistance near Rs 40,000,” SMC Global Securities said in a note.

Last week, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.5 per cent to 824.63 tonnes on Thursday.

Meanwhile, the BSE Sensex was trading over 50 points down on profit-booking by speculators amid mixed Asian cues on worries over a US-China trade war. The 30-share index was down 63 points, or 0.18 per cent, at 35626, while the NSE Nifty index was down 16 points, or 0.15 per cent, at 10,805 at around 10.50 am (IST).