Gold Rate Today: Gold, silver down in morning trade

Gold prices were trading lower in morning deals on Monday as the dollar held firm after China’s central bank eased its domestic policy to support the economy amid concerns that an escalating trade dispute with the United States could hurt growth.

The People’s Bank of China (PBOC) on Sunday announced a steep cut in the level of cash that banks must hold as reserves, stepping up moves to lower financing costs and spur growth.

MCX Gold futures were down 0.67 per cent at Rs 31,432 per 10 gram at around 11 am (IST). White metal silver was also trading in red.



MCX Silver futures were down 1.15 per cent at Rs 38,824 per 1 kg at around the same time.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.20 percent to 730.17 tonnes, on Friday.

The dollar index was trading 0.10 per cent up at 95.41.

According to SMC Global Securities, Gold can take support near Rs 31,500 per 10 gram and can face resistance near Rs 31850 in MCX. While Silver can take support near Rs 38800 and it has resistance near 39600.