Gold, silver prices rise in morning trade

NEW DELHI: Gold and silver were trading higher in morning trade on Tuesday on account of buying by jewellers, industries and retailers.

MCX Gold was trading 0.18 per cent, or Rs 52, up at Rs 28,952 per 10 gram around 11.15 am (IST), while MCX Silver was up 0.21 per cent, or Rs 83, at Rs 40,420 per 1 kg at around the same time.

Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day as easing Asian stock markets and geopolitical concerns helped the yellow metal hover close at one-month peaks.”

SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 847.45 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 10,605.56 tonnes, remain unchanged from previous business day

Angel Commodities believes gold prices to trade sideways on Tuesday as all the risk and uncertainties have faded for the time being while the minutes of the US Fed talked about slow pace of tightening in 2017 which will be tied to economic rebound.