MCX Gold was trading 0.35 per cent up at Rs 31,394 at around 10.30 am (IST), while MCX Silver was down 0.34 per cent at Rs 38,489 at around the same time.
US President Donald Trump said that Wednesday’s stock market sell-off was in fact a long-awaited “correction,” and that the Federal Reserve, which has been raising US interest rates, had gone “crazy”.
According to SMC Global Securities, gold can take support near Rs 31250 and can face resistance near Rs 31500 in MCX. While Silver can take support near Rs 38,100 and it has resistance near Rs 38700.
Latest holdings in SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, rose 1.21 percent to 738.99 tonnes on Wednesday. India’s gold imports in September dropped more than 14 percent from a year ago as a rally in local prices due to a depreciating rupee.
Equity markets witnessed a sharp fall on Thursday following steep dip on Wall Street. The BSE Sensex slipped over 1,000 points in early trade, while the NSE Nifty index breached 10,200-mark in Thursday’s trade.