Gold on the Multi Commodity Exchange (MCX) were trading higher in early trade on Wednesday as rising global tensions surrounding Syria and North Korea drive investors to safe haven assets.
The yellow metal was trading 0.16 per cent, or Rs 47, up at Rs 29240 per 10 gram around 10.20 am (IST), while the white metal was up 0.32 per cent, or Rs 133, up at Rs 42320 per 1 kg.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 842.41 tonnes, up 4.15 tonnes, from previous business day.
Nirmal Bang Commodities said in a research note said, “We expect gold prices to trade higher for the day, with investors seeking refuge in safe-haven assets due to rising tensions over US relations with Russia and North Korea.”
Abnish Kumar, Director & Research Head, Amrapali Aadya said, “Political risk could surge the gold prices higher in the near term but dollar may retaliate as US economy is gaining and Fed is looking for gradual hike to make the recovery sustainable.”
Abnish Kumar, Director & Research Head, Amrapali Aadya said, “Political risk could surge the gold prices higher in the near term but dollar may retaliate as US economy is gaining and Fed is looking for gradual hike to make the recovery sustainable.”
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,208.21 tonnes, remain unchanged from previous business day.
Sources :- http://economictimes.indiatimes.com