Commodity Market Tips-Gold Rate Today: Gold falls, silver gains big in morning deals

Bullion counter witnessed a mixed trading in the late morning deals on Friday.

MCX Gold futures were trading 0.08 per cent, or Rs 23 lower at Rs 30,485 per 10 grams at 11:09 am (IST), while MCX Silver futures were up 0.44 per cent, or Rs 173, at Rs 39,290 per 1 kg at 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 820.51 down 1.18 tonnes, from the previous business day.

Holdings of the largest silver-backed exchange-traded-fund(ETF), New York’s iShares Silver Trust SLV, stood at 9965.42 up 32.20 tonnes, from the previous business day.

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Today’s Commodity,MCX Market Updates-Gold Rate Today: Gold, silver slip in morning trade

Gold and silver were trading lower in morning trade on Tuesday on account of subdued demand for precious metals from jewelers, industries and retailers.

MCX Gold futures were down 0.35 per cent, or Rs 109, at Rs 31,395 per 10 gram, whereas MCX Silver futures were down 0.61 per cent, or Rs 248, at Rs 40,100 at around 10.05 am (IST).

GOLD SILVER MARKET promotional

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.17 per cent to 856.17 tonnes on Monday.

We expect gold prices to trade lower on Tuesday as positive comments by Cleveland Fed President Loretta Mester in support of gradual rate hikes will exert pressure,” Angel Broking said in a note.

Meanwhile, benchmark equity index Sensex soared over 400 points after the BJP took the lead in Karnataka election results. The 30-share index was up 1.22 per cent at 35,988.97.

According to SMC Global Securities, bullion counter may see profit booking at higher levels amid stronger greenback and hawkish comments by some fed members. Investors will eye the outcome of US retail sales data later today. On domestic bourses weakness in local currency has capped the downside to larger extent.

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Today’s Commodity Market Trading-Gold Rate Today: Gold, silver slip in morning deals, fall over Rs 100 each

Precious metals gold and silver were trading in the negative territory in the morning deals on Friday.

MCX Gold futures were trading 0.33 per cent, or Rs 102 lower at Rs 31,150 per 10 grams at 10:48 am (IST), while MCX Silver futures were down 0.36 per cent, or Rs 140, at Rs 39,203 per 1 kg at the same time.

gold silver promotional

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings stood at 871.20 tonnes, remain unchanged from the previous business day.

Holdings of the largest silver-backed exchange-traded-fund(ETF), New York’s iShares Silver Trust SLV, stood at 9856.67 tonnes, remain unchanged from the previous business day.

On the global front, gold prices languished near five-week lows, set for a weekly decline of more than 1 per cent on a stronger dollar, higher US Treasury yields and easing geopolitical concerns.

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Commodity Market Tips-Gold Rate Today: Gold, silver feel the chill after dollar firms up

Gold prices were trading lower on Thursday in the wake of a strengthening US dollar.

MCX Gold futures dived 0.12 per cent, or Rs 36, to Rs 30,440 per 10 grams at around 10.20 am (IST).

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Minutes from the last US Federal Reserve meeting showed that policymakers backed further interest rate hikes, which weighed on sentiment for the yellow metal.

White metal was also trading in the red. MCX Silver futures slipped 0.64 per cent, or Rs 248, to Rs 38,392 per kg at around the same time.

According to SMC Investments and Advisors, a stronger greenback is likely to keep prices under pressure as US jobless claim data will give further direction.

“Gold can move in a range of Rs 30,300-30,600 per 10 grams while silver can move in a range of Rs 38,300-38,800 in the near term,” SMC said.

Holdings at the world’s largest gold-backed exchange-traded fund, SPDR Gold Share, rose 3.2 tonnes on Tuesday to 827.79 tonnes.

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COMMODITY OUTLOOK on Silver Market

Silver:-

Silver futures tilted lower in American trade away from November 20 highs, as the dollar index advanced following a basket of data from the US, while Federal Reserve Bank of Cleveland President Loretta Mester spoke earlier today. The Federal Reserve released the minutes of the December 12-13 meeting, at which policymakers voted to increase overnight interest rates by 25 basis points to between 1.25% and 1.50%, while releasing their three-year forecasts for interest rates, inflation, growth, and unemployment. Otherwise, White House economic adviser Gary Kohen said earlier that the stock market is not too high right now, and the tax cuts have begun to have an impact on the economy, with wages rising and optimism improving. Last month, President Donald Trump signed into law the $1.5 trillion tax reform bill, which cuts the corporate tax rate from 35% to 21%, while also signing a stopgap government spending bill to prevent a government shutdown, in turn underpinning Wall Street to successive record highs.

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