Gold prices steady near 1-month high on political, economic uncertainty

Kolkata: Gold prices held steady near one-month highs, supported by political and economic uncertainty as US investors await to see if president Donald Trump will be able to enact promised tax cuts and infrastructure spending, taking dollar off multi-month lows. Holdings of New York's SPDR Gold Trust GLD, rose 0.32% while New York's iShares Silver Trust SLV remained unchanged.

Spot gold prices in the Indian market was around Rs 29,010 per 10 gm in the afternoon trade.

Base metals showed a mixed trading trend. China's top copper smelters have agreed to 11% cut in second-quarter treatment and refining fees, after disruptions at world's two biggest copper mines curbed global supply of raw material. Copper held above more than two-week lows, with worries easing over Donald Trump's ability to push through economic reform.

Oil prices rose due to supply disruption in Libya and latest comments from officials suggesting OPEC could extend its deal cutting global production. But crude futures were weighed down by resurgence in U.S. shale oil production and expectation that inventories in country would once again build, illustrating persistent global supply overhang that has depressed prices for three years.

In the agri commodity basket, the most active wheat futures on the National Commodities and Derivative Exchange (NCDEX) gain more than 1.2 per cent to Rs. 1,671 a quintal on Tuesday, March 28, 2017 , its biggest daily jump in six weeks. The volume increased to 663 lots of 10 MT each at 4 pm which is highest in the year 2017.