Gold and silver were trading higher in morning trade on Tuesday ahead of the release of minutes of the US Federal Reserve’s previous meeting that could give hint on the pace of the central bank’s interest rate hikes.
Demand of precious metals from jewellers, industries and retailers further lifted gold and silver in the domestic markets.
MCX Gold futures were trading 0.15 per cent, or Rs 45, up at Rs 29,415 per 10 gram around 10.30 am (IST), while MCX Silver futures were up 0.37 per cent, or Rs 144, at Rs 39,405 per 1 kg at around the same time.
According to SMC Investments and Advisors, gold can move in range of Rs 29,300-29,600 per 10 gram, while silver can move in range of Rs 39,000-39,800 in near term.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.04 per cent to 843.39 tonnes on Monday.
Meanwhile, domestic equity markets were trading higher in morning trade following firm Asian cues and buying by institutional investors.
BSE Sensex was up 150 points, or 0.45 per cent, at 33,510 at around 10.40 am (IST), while NSE Nifty index was up 44 points, or 0.43 per cent, at 10,342 at around the same time.
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