Mumbai: Gold and silver were trading higher in morning trade on Wednesday on account of buying in precious metals from jewelers, industries, and retailers.
MCX Gold was up 0.35 per cent, or Rs 101, at Rs 28,627 per 10 gram around 10.45 am (IST), while MCX Silver was up 0.38 per cent, or Rs 145, at Rs 38,210 per 1 kg.
Nirmal Bang Commodities believes gold prices are likely to test Rs 28,750-850 per 10 gram. “One can buy gold with a strict stop loss below Rs 28,400. Silver prices are also expected to rise. The trader can buy the white metal with a stop loss below Rs 37,700,” the brokerage house said.
However, SMC Investments and Advisors said, “Bullion counter may continue to trade on the sideways path as hawkish stance by fed after the rate hike have kept the prices under pressure while geopolitical uncertainty in US can support safe-haven buying. Meanwhile, movement of local currency rupee can also affect the domestic prices. Gold can move in the range of Rs 28,400-28,700 while silver can move in the range of Rs 37,800-38,200 in near term.”
Gold inched higher on Tuesday, supported by global political uncertainties, after touching a five-week low earlier in the session as a key US Federal Reserve official reaffirmed the central bank’s hawkish stance on interest rate hikes Gold Price India.
Meanwhile, domestic equity markets opened in red following weak global cues. The BSE Sensex was down 82.26 points, or 0.26 per cent, down at 31,215, while NSE Nifty index was trading 35.90 points, or 0.37 per cent, down at 9,617.