Gold Rate Today: Gold, silver melt in morning trade

NEW DELHI: Precious metals gold and silver were trading with huge losses in the late morning deals on Thursday.

MCX Gold futures were trading 1.14 per cent, or Rs 338 lower at Rs 29,397 per 10 grams at 11:04 am (IST), while MCX Silver futures were down 2.85 per cent, or Rs 1,078, at Rs 36,721 per 1 kg at the same time.

On the global front, gold pared heavy early losses that came in the midst of a broad commodity sell-off, bouncing off of a 19-month low on short covering and a softer US dollar following news that Beijing will hold trade talks with Washington this month, said a Reuters report.




Bullion has lost its appeal as a safe-haven over the past few months as investors have preferred to park assets in US Treasuries and dollar amid the uncertainty caused by the China-US trade dispute.

India's gold imports rose for the first time in seven months in July after a fall in prices ahead of a jewellery exhibition prompted jewellers to replenish stocks, provisional data from metals consultancy GFMS showed.