Gold futures dropped on Thursday morning after Fed chief struck a positive tone about the US economy that raised the dollar appeal.
The demand graph nosed down, too.
MCX Gold futures were down 0.40 per cent, or Rs 122, to Rs 30,257 per 10 grams. MCX Silver futures slipped 0.47 per cent, or Rs 181, to Rs 38,065 per kg.
Nirmal Bang Commodities said, “We expect prices to trade lower for the day as the dollar remained strong following comments from Federal Reserve Chairman Jerome Powell that fanned concerns of faster-than-expected hikes in US interest rates.”
The latest holdings of SPDR Gold Trust GLD, the world’s largest gold-backed ETF, stood at 831.03 tonnes, with no change from the previous business day.
At 9,847.08 tonnes, the figure for the largest silver-backed exchange-traded fund (ETF), New York’s iShares Silver Trust SLV, was at the previous level.
SMC Investments and Advisors also believes that the bullion counter may trade weaker as a stronger greenback and US initial jobless claim data give further direction to the prices.
“Overall gold can move in range of Rs 30,200-30,700 while silver can move in range of Rs 38,100-38,600 in the near term,” the brokerage house said.
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