Commodity Market Trading Tips-Gold Rate Today: Gold, silver trade in the green after Fed raises interest rate

Precious metals gold and silver were trading in the green in the morning deals on Thursday.

MCX Gold futures were trading 0.26 per cent, or Rs 79 up at Rs 30,528 per 10 grams at around 11 am (IST), while MCX Silver futures were trading 0.26 per cent, or Rs 102 higher at Rs 38,786 per 1 kg at the same time.

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

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Holdings of the largest silver-backed exchange-traded-fund(ETF), New York’s iShares Silver Trust SLV, stood at 9942.90 tonnes, remain unchanged from the previous business day.

“We expect prices to trade higher for the day as investors took profits after the yellow metal hit a two-week high in the previous session on a weaker dollar after the US Federal Reserve disappointed investors expecting more hawkish comments on interest rate rises,” said Nirmal Bang Commodities.

On the global front also, gold prices edged higher, adding to gains in the previous session on the back of a weaker dollar after the US Federal Reserve disappointed investors expecting more hawkish comments on interest rate rises.

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