Gold Rate Today: Gold, silver swing higher after dollar pushback

Gold prices ruled firm in morning trade on Wednesday as the dollar's appeal faded to an extent.

Overseas, gold kept its clout. Back home, it was backed up by a pick-up in demand from jewellers, investors and retailers.

MCX gold futures were trading 0.06 per cent up at Rs 29,930 per 10 gram at around 10.30 am (IST).


Silver also traded in the green. MCX silver futures were up 0.43 per cent, or Rs 168, at Rs 38,901 per 1 kg at around the same time.



According to SMC Investment and Advisors, the bullion counter may trade positive on Wednesday as a weaker greenback propped up prices.

“Gold can move in range of Rs 29,700-30,100 while silver can move in range of Rs 38,500-39,000 in the near term,” SMC said.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, climbed over 2 per cent last week, their best weekly show since September 3.

Angel Commodities said, “We expect gold prices to trade higher today continuing its momentum from the previous trading session while the US government has averted the shutdown till February 8, uncertainty remains.”

Meanwhile, benchmark equity indices were steady in morning trade. The BSE Sensex was up 0.24 points at 36,140 at around 10.40 am (IST) while the NSE Nifty was up 4 points at 11,087.