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

Gold and silver were trading lower in the morning trade on Friday following subdued demand of precious metals from jewellers, industries and retailers.

MCX Gold futures were trading 0.30 per cent down at Rs 30,339 per 10 grams at around 10.45 am (IST), while MCX Silver futures were down 0.29 per cent at Rs 38,645 at around the same time.

commodity gold

According to SMC Investments and Advisors, bullion counter may continue to extend Thursday’s losses. Outcome of nonfarm payroll data will give direction to dollar index which can extend its gains further and can test 90.40. Nonfarm roll data is expected to come at 200k as previous figures.

“On domestic bourses gold remains on weaker path and can slip towards Rs 30,200 while silver can also test Rs 38,500 on MCX,” SMC said.

Angel Broking seconds SMC and said, “We expect gold prices to trade lower today.” It further added that weak Euro and stronger dollar are factors which can give direction to precious metals in the near term.

Latest holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dipped 0.03 per cent to 833.73 tonnes on Wednesday from Tuesday.

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