Commodity Market Updates-Gold, silver up on safe-haven demand

Safe-haven demand triggered by rising tension on the Korean peninsula kept gold prices on a high on Thursday. MCX Gold was trading 0.25 per cent up at Rs 28,915 per 10 gram around 10.45 am (IST).

White metal silver was also trading in green at around the same time. MCX Silver was up 0.26 per cent, or Rs 102, at Rs 38,692 per 1 kg.

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Nirmal Bang Commodities said, “Gold prices are expected to rise. One can buy with a stop loss below Rs 28,250. Prices are expected to test Rs 28,550-600 per 10 gram. Silver prices are expected to test Rs 37,700-38,000 per 1 kg. One can buy with a stop loss below Rs 37,200.”

Latest holdings at the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell a slight 0.03 per cent to 786.87 tonnes on Monday, the lowest since March 2016.

Holdings of the largest silver backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,530.59 tonne down 32.34 tonnes, from previous business day.

Domestic equity markets were trading in red following weak global cues. The BSE Sensex was down 115 points, or 0.36 per cent, at 31,682, while NSE Nifty index was down 43 points, or 0.44 per cent, at 9,864.40.

 

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