Gold and silver were trading higher in early trade on Tuesday, January 16, on account of buying in precious metals by jewellers, industries and retailers.
MCX Gold futures were trading 0.13 per cent up at Rs 29,792 per 10 gram at around 10.35 am (IST), while MCX Silver futures were up 0.17 per cent at Rs 39,638 per 1 kg at around the same time.
According to SMC Investments and Advisors, bullion counter may continue its upside momentum as fall in greenback is supporting its prices.
“Gold can move in range of Rs 29,500-29,900 while silver can move in range of Rs 39,200-40,000 in near term,” the brokerag house said.
Gold imports increased by 71.52 per cent to $3.39 billion in December because of weak global prices and higher domestic demand.
According to the commerce ministry’s data released on Monday, silver imports too jumped by 106 per cent to $197.26 million last month as against $95.84 million in December 2016.
Gold imports by India, the world’s second-biggest consumer of gold, stood at $3.39 billion in December 2017 as against $1.97 billion a year ago, economictimes reports.
