Gold and silver felt the squeeze in morning trade on Tuesday, hurt by subdued demand from jewellers, industries and retailers.
MCX Gold futures were lower 0.10 per cent, or Rs 29, at Rs 30,303 per 10 grams at around 10.35 am (IST). MCX Silver futures eased 0.21 per cent, or Rs 80, to Rs 38,675 per kg at around the same time.
According to SMC Investments and Advisors, the bullion counter may continue to trade with sideways bias lacking clear direction. Today’s US inflation data will be important before the interest rate meeting later in the month.
“On domestic bourses, gold can test Rs 30,450 while silver can move towards Rs 38,950 on the MCX,” SMC said.
Latest holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.03 per cent to 833.73 tonnes on Wednesday as against Tuesday.
Angel Broking said, “Strong jobs data from the US, world equities at a two-week high, and possibility of rate hikes in the US are factors creating downside pressure on gold. On the MCX, gold prices are expected to trade lower today.”
Source: Economic Times