Gold rate today: Gold, silver down in morning deals

NEW DELHI: Gold and silver were trading lower in morning trade on Monday on account of muted demand from jewelers, industries and retailers.

The precious metal gold was weighed down following broad strength in the dollar but losses remained restricted on back of worries about escalating global trade tensions.

MCX Gold futures were down 0.12 per cent at Rs 30,092 per 10 gram at around 10.10 am (IST), while MCS Silver was trading 0.42 per cent down at Rs 36,548 per 1 kg at around the same time.




According to Motilal Oswal Financial Services, MCX Gold is expected to trade lower as long as Rs 30,350 is capped as resistance. Intraday trading range is likely to be Rs 30,000-Rs 30250. Higher resistance remains at Rs 30,350, whereas lower supports are placed at Rs 29,900-29,840 levels. MCX Silver (Dec) remains weak below Rs 38,050. Immediate resistance at Rs 37,600-37,700 can be used as a selling opportunity. Lower support remains at Rs 37,300-37200 levels.

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Liquidations also continued in SPDR Gold, the world’s largest gold-backed exchange-traded fund. Holdings have fallen over 13 per cent since a peak in late April.