Gold, Silver Trading Higher in The Morning Business

Gold and silver were trading in green in early trade today, 17th July 2017 on account of buying in precious metals by jewellers, industries and retailers.

MCX Gold was up 0.14 per cent, or Rs39, at Rs28,035 per 10 grams around 10.30 am (IST), while MCX Silver was up 0.46 per cent, or Rs170, at Rs37,140 per 1 kg.

On the further movement of yellow metals, Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day as the dollar fell to multi-month lows following weak economic data from the United States that has diminished the outlook for aggressive rate hikes from the US Federal Reserve.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 828.84 tonnes, remain unchanged from previous business day.

Latest holdings of the largest silver backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10855.49 tonnes, remain unchanged from previous business day.

SMC Investments and Advisors said, “Bullion counter can extend previous session gains on weaker greenback and increased safe haven demand. Meanwhile, movement of greenback and local currency rupee can also affect the domestic prices.”

“Gold can move in range of Rs27,750-28,000 per 10 grams while silver can move in range of Rs36,600-37,200 per 1 kg in near term,” the brokerage house said.

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