Gold prices slipped over 0.50 per cent in early trade on Thursday, January 4, on account of profit booking by investors amid firm US dollar. MCX Gold futures were down 0.51 per cent, or Rs 150, at Rs 29,075 at around 10.40 am (IST).
Silver was trading nearly 1 per cent down in early trade. MCX Silver futures were down 0.92 per cent, or Rs 362, at Rs 38,938 per 1 kg at around the same time.
Angel Commodities said, “We expect gold prices to trade lower on Thursday on profit booking at higher levels while the US Fed talks about more rate hikes in store and the tax cuts implemented were seen as a beneficial factor.”
According to SMC Investments and Advisors, bullion counter may trade on negative path amid bounce back in greenback and rate hike expectations by Fed as indicated in yesterday FOMC minutes.
On domestic bourses some weakness in the local currency can support the prices. “Gold can move in range of Rs 29,000-29,300 while silver can move in range of Rs 38,800-39,300 in near term,” SMC said.
The benchmark BSE Sensex advanced over 100 points in early trade, halting its three- session falling streak on fresh spell of buying in recent losers amid positive Asian cues, Economic Times reports.
