Gold Rate Today: Gold, silver down in early trade

Gold and silver were trading in the red in morning trade on Friday on account of subdued demand of precious metals from jewellers, industries and retailers amid firm equity markets.

MCX Gold futures were down 0.35 per cent, or Rs 104, at Rs 29,399 per 10 gram aroudn 10.35 am (IST), while MCX Silver futures were down 0.48 per cent, or Rs 191, at Rs 39,608 per 1 kg at around the same time.

According to SMC Investments and Advisors, bullion counter may trade with volatile path as the US home sales data, ECB Draghi speech and movement of greenback to give further direction to the prices.



Meanwhile, movement of local currency rupee will give further direction to the prices.

“Gold can move in the range of Rs 29,400-29,650 while silver can move in range of Rs 39,500-40,000 in near term,” SMC said.

Benchmark equity index BSE Sensex surged over 400 points in early trade, while Nifty reclaimed 10,300-mark after Moody's upgraded India’s sovereign credit rating.

Moody's Investors Services upgraded its ratings on India's sovereign bonds on Friday, saying that continued progress on economic and institutional reform will enhance India's high growth potential.

Moody's said it was lifting India's rating to Baa2 from Baa3 and changed its rating outlook to stable from positive as risks to India's credit profile were broadly balanced.