Commodity Market Updates-Gold Rate Today: Gold, silver trade flat in morning deals

Precious metals gold and silver were trading flat with a positive bias on Wednesday.

MCX Gold futures were trading 0.06 per cent, or Rs 17, up at Rs 30,280 per 10 gram at around 11 am (IST), while MCX Silver futures were up 0.18 per cent, or Rs 68, at Rs 38,284 per 1 kg at around the same time.

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SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings stood at 850.54 down 0.30 tonnes, from the previous business day.

“We expect prices to trade range bound for the day as the dollar crept lower, while investors awaited the conclusion of US Federal Reserve’s two-day meet for clues on faster monetary tightening, expecting the first rate increase of the year later in the day,” said Nirmal Bang Securities in its report.

On the global front, gold prices inched up as the dollar crept lower, while investors awaited the conclusion of US Federal Reserve’s two-day meet for clues on faster monetary tightening, expecting the first rate increase of the year later in the day.

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