Commodity Market Tips-Gold Rate Today: Rising dollar continues to hit gold

Strengthening US dollar continued to dent gold prices on Wednesday. MCX Gold prices were trading 0.20 per cent, or Rs 62, down at Rs 30,470 per 10 gram at around 10.40 am (IST).

The white metal too was trading in the red in morning deals. MCX Silver futures were down 0.58 per cent, or Rs 223, at Rs 38,166 per 1 kg at around the same time.

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Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as the dollar remained strong on rising treasury yields, while investors awaited minutes of the US Federal Reserve’s last policy meeting for cues on the pace of interest rate hikes this year.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 827.79 tonnes, up 3.25 tonnes, from previous business day.

SMC Investment and Commodities seconds Nirmal Bang and said, “Bullion counter may trade on lower side as stronger green back to keep prices under pressure.”

“Gold can move in range of Rs 30,400-30,600 while silver can move in range of Rs 38,000-38,600 in near term,” SMC said.

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