Precious metals, Gold and silver were trading on a flat note with positive bias in morning trade on Wednesday, December 27, on account of sustained demand from retailers, investors and stockists amid supportive global cues.
MCX Gold was trading 0.01 per cent up at Rs 28,831 at around 10.35 am (IST), while MCX Silver futures were up 0.07 per cent at Rs 38,320 at around the same time.
Latest holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund stood at 837.50 tonnes on Friday against 836.02 tonnes on Thursday last week.
According to SMC Investments and Advisors, bullion counter may trade with upside path as weaker greenback and safe haven buying amid North Korea tensions supported the prices.
The US announced sanctions on two North Korean officials behind their country’s ballistic missile programme on Tuesday, while Russia reiterated an offer to mediate to ease tensions between Washington and Pyongyang, according to Reuters.
“Gold can move in range of Rs 28,750-28,950 while silver can move in range of Rs 38,100-38,500 in near term,” SMC said in a report.
