Commodity Market Updates-Gold Rate Today: Gold edges higher on weaker dollar; should you buy?

Gold prices were trading higher in morning deals on Monday following weaker greenback as investors waited for possible clues on the pace of US monetary tightening.

MCX Gold futures were up 0.19 per cent at Rs 30,568 per 10 grams at around 10.30 am (IST), while MCX Silver futures were up 0.44 per cent up at Rs 38,571 per 1 kg at around the same time.
commodity gold

According to SMC Investment and Advisors, decline in greenback and ECB president speech can give further direction to the gold prices.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its latest holdings climbed 0.18 per cent to 829.26 tonnes on Friday from 827.79 tonnes on Thursday.

Nirmal Bang Commodities said, “Gold prices are expected to hold Rs 30,400. One can buy with a stop loss below Rs 30,380. Prices could test Rs 30,700-30,800.”

“Silver prices are expected to consolidate from Rs 38,300- Rs 39,200. One can buy with a stop loss below Rs 38,300,”the brokerage.

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