Commodity Market Tips-Gold Rate Today: Gold, silver feel the chill after dollar firms up

Gold prices were trading lower on Thursday in the wake of a strengthening US dollar.

MCX Gold futures dived 0.12 per cent, or Rs 36, to Rs 30,440 per 10 grams at around 10.20 am (IST).

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Minutes from the last US Federal Reserve meeting showed that policymakers backed further interest rate hikes, which weighed on sentiment for the yellow metal.

White metal was also trading in the red. MCX Silver futures slipped 0.64 per cent, or Rs 248, to Rs 38,392 per kg at around the same time.

According to SMC Investments and Advisors, a stronger greenback is likely to keep prices under pressure as US jobless claim data will give further direction.

“Gold can move in a range of Rs 30,300-30,600 per 10 grams while silver can move in a range of Rs 38,300-38,800 in the near term,” SMC said.

Holdings at the world’s largest gold-backed exchange-traded fund, SPDR Gold Share, rose 3.2 tonnes on Tuesday to 827.79 tonnes.

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