Gold and silver prices went higher on Thursday after demand for the precious metals picked up in the wake of the reduced clout of the dollar.
MCX gold futures were trading up 0.52 per cent, or Rs 156, at Rs 30,405 per 10 grams at around 10.45 am (IST) while silver futures rose 0.71 per cent, or Rs 281, to Rs 39,988.
According to brokerage firm SMC Investments and Advisors, the bullion counter may continue its upside momentum, but profit booking at higher levels cannot be ruled out.
Today ECB interest rate decision and commentary will give further direction to the prices.
“Gold can move in range of Rs 30,100-30,500 while silver can move in range of Rs 39,200-40,200 in the near term,” SMC said.
Angel Commodities said, “We expect gold prices to trade higher continuing its positive momentum from the previous trading session while the rapidly rising euro and US policy makers welcoming a weak dollar are push factors for gold prices to rise in the near term.”
Meanwhile, domestic equity markets were in the red. The BSE Sensex was down 0.33 per cent at 36,041 post noon while the NSE Nifty index slipped 0.3 per cent to 11,052.
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