Gold and silver inch higher in morning trade

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Gold and silver were trading in green in early trade on Monday on account of purchasing in precious metals by jewellers, businesses and retailers.

MCX Gold was up 0.14%, or Rs 39, at Rs 28,035 per 10 gram around 10.30 am (IST), while MCX Silver was up 0.46%, or Rs 170, at Rs 37,140 per 1 kg.

On the further movement of yellow metals, Nirmal Bang Commodities in a research note said, “We expect costs to trade range bound for the day as the dollar fell to multi-month lows following weak economic data from the United States that has lessened the outlook for aggressive rate hikes from the US Federal Reserve.”

SPDR Gold Trust GLD, the world’s biggest gold-backed exchange traded fund, said its latest holdings remained at 828.84 tons, stay unchanged from previous business day.

Latest holdings of the biggest silver backed exchange traded fund (ETF), New York’s iShares Silver Trust SLV, remained at 10855.49 tons, remain unchanged from previous business day.

SMC Investments and Advisors stated, “Bullion counter can extend past session picks up on weaker greenback and increased safe haven demand. Meanwhile, movement of greenback and local currency rupee can likewise affect the domestic prices.”

“Gold can move in range of Rs 27,750-28,000 per 10 gram while silver can move in range of Rs 36,600-37,200 per 1 kg in close term,” the financier house said.

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