Gold Rate Today: Gold declines on weak global trend, muted spot demand

NEW DELHI: Gold prices declined in futures trade on Wednesday, tracking weak trends in overseas markets as well as muted demand by jewellers at spot markets.

In global markets, the yellow metal edged lower as the dollar firmed on robust US retail sales data.

However, hopes of an interest rate cut by the US Fed kept the fall capped.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.15 per cent to 799.37 tonnes on Tuesday from 800.54 tonnes on Monday, Reuters reported.

Back home, a softer rupee and a volatile equity market prevented gold from suffering a steep fall.

Around 10:20 am, MCX Gold traded at Rs 34,782 per 10 grams, down by Rs 30.

Silver traded sideways as orders from industrial units and coin makers declined. MCX Silver traded Rs 39,320 a kilo, down by Rs 6, around that time.

Brokerage SMC Global Securities expects bullion counter to trade sideways with a negative bias.

“Gold can test Rs 34,500 while facing resistance near Rs 34,900. Silver can move towards Rs 39,100, facing resistance near Rs 39,600,” said the brokerage