Gold was trading in red in morning trade following firm dollar and rising equity markets. Hopes of monetary policy tightening ahead of the US Federal Reserve meeting further weighed on metal Gold, silver drop.
MCX Gold was down 0.41 percent, or Rs 122, at Rs 29,734 per 10 gram 10.45 am (IST), meanwhile MCX Silver was down 0.38 percent, or Rs 154, at Rs 40660 per 1 kg.
According to SMC Investments and Advisors, bullion counter may trade on a volatile path as the movement of greenback and tensions between the US and North Korea can give further direction to the prices.
Meanwhile, movement of local currency rupee can give further direction to the prices.
“Gold can move in the range of Rs 29,700-30,000 while silver can move in the range of Rs 40,500-41,200 in near term,” the brokerage house said.
Angel Broking said, “We expect gold prices to trade sideways although geopolitical uncertainty over North Korea nuclear program continues to support gold prices, profit booking at higher levels will exert downside pressure on the yellow metal.”