Gold, silver inch higher in early trade

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Mumbai: Gold silver Price were trading in green in early trade on Tuesday on account of buying in precious metals by jewellers, industries and retailers amid subdued equity markets.
MCX Gold was up 0.13 per cent, or Rs 36, up at Rs 28,156 per 10 gram, while MCX Silver was up 0.13 per cent, or Rs 50, at Rs 37,460 per 1 kg.
Angel Broking in a research note said, “The inflation figures from the US released on Monday dims the prospects of the central banks to raise interest rates in the US in the near future, besides, weak dollar also acting as an influential factor for the rise in the yellow metal.”
Meanwhile, SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.21 per cent to 827.07 tonnes on Monday from 828.84 tonnes on Friday.
Nirmal Bang Commodities said, “Gold prices are expected to test Rs 28,250, whereby one could be caution. Prices can test 27,900-850 on lower end.”
On the other hand, “Silver prices are expected to test Rs 37,800-38,000. One can buy on dips with a stop loss below Rs 37,300. Profit taking could be witnessed from Rs 38,000,” the brokerage house added.
Benchmark equity index BSE Sensex was trading over 200 points down at 31,872 in morning trade following brisk selling in FMCG counters. NSE Nifty index was down 42.50 points, or 0.43 per cent, at 9,873.


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