Commodity Market Trading Tips-Gold Rate Today: Gold trades lower in morning deals

Gold prices were trading lower in the morning deals on Friday on account of subdued demand of precious metal from jewellers, retailers and investors.

MCX Gold futures were down 0.36 per cent, or Rs 109, at Rs 30,464 at around 11.05 am (IST).

commodity gold

Nirmal Bang Commodities said, “We expect gold prices to trade range bound for the day as the dollar strengthened during the week.”

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

Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 9,803.06 tonnes, remain unchanged from previous business day.

SMC Investment and Advisors believes that the bounce back in greenback is likely to keep prices under pressure. “Gold can move in range of Rs 30,450-30,700 while silver can move in range of Rs 38,300-38,800 in near term.”

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