Gold was trading in red in morning deals on Tuesday following muted demand from local jewellers. MCX Gold was down 0.07 per cent, or Rs 19, at Rs 28,523 per 10 gram around 10.30 am (IST). In the international markets, gold fell to nearly five-week low on Monday following firm dollar.
Online Gold Price in india Angel Commodities in a research report said, “We expect gold prices to trade lower on Tuesday due to stronger dollar index while comments from the New York President for gradual tightening of monetary policy will also act as negative factor.”
Weighing on gold is a drop in holdings of physically backed exchange traded funds. The biggest, SPDR Gold Trust, saw holdings decrease by 1.5 per cent last week, the biggest weekly outflow in three months.
However, MCX Silver was trading 0.38 per cent up at Rs 38,207 per 1 kg on account of low level buying by industries.
Meanwhile, domestic equity markets were trading higher following firm global markets. The BSE Sensex was up 53 points, or 0.17 per cent, at 31,364.79 around 10.50 am (IST), while NSE Nifty was trading 14.30 points, or 0.15 per cent, up at 9,671.85.
Source :- http://economictimes.indiatimes.com