Mumbai: Gold and silver were trading marginally lower in the morning trade on Monday on account of subdued demand of precious metals from jewelers, industries, and retailers.
MCX Gold was down 0.02 per cent, or Rs 7, at Rs 28,534 per 10 gram around 10.50 am (IST), while MCX Silver was down 0.04 per cent, or Rs 17, at Rs 38,133 per 1 kg.
SMC Investments and Advisors said, “Bullion counter can trade on the sideways path as this week outcome of key FOMC meeting will give further direction to the prices. Gold can move in the range of Rs 28,250-28,500 while silver can move in the range of Rs 37,700-38,400 in near term.”
According to Nirmal Bang Commodities, gold prices are expected to test Rs 28,750-28,800. One can buy on dips till Rs 28,400 with a stop loss below Rs 28,300.
Movement of local currency will further give direction to precious metals.
Latest holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, have fallen 4.3 per cent, or 1.2 million tons, this month.
Meanwhile, the domestic equity market was trading in green following mixed global cues. The BSE Sensex was up 185 points, or 0.58 per cent, at 32,214, while NSE Nifty index was up 50.85 points, or 0.51 per cent, up at 9,966.10.
Source:-
http://economictimes.indiatimes.com