Commodity Market Trading Tips-Gold Rate Today: Gold, silver trade higher in morning deals

Gold prices were trading marginally in the green in morning deals on Tuesday following weaker greenback.

MCX Gold futures were trading 0.03 per cent, or Rs 9, up at Rs 30,540 per 10 grams.

MCX Silver futures were up 0.03 per cent, or Rs 12, at Rs 38,520 per 1 kg at around 10.15 am (IST).

commodity gold

Meanwhile, market participants awaited US Federal Reserve Chair Jerome Powell’s first congressional testimony for clues on the further pace of monetary tightening.

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings stood at 831.03 tonnes, up 1.77 tonnes, from previous business day.

Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 9,847.08 tonnes, remain unchanged from previous business day.

Nirmal Bang Commodities said, “We expect prices of precious metals to trade higher for the day, on the back of a weaker dollar.”

However, SMC Investment and Advisors believes that bullion counter may trade on volatile path as movement of greenback and US Fed chairman Powell testimony can give direction to the prices.

“Gold can move in range of Rs 30,400-30,800 per 10 grams while silver can move in range of Rs 38,300-38,700 in near term,” SMC said.

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