Gold Rate Today: Gold, silver swing higher as equities step back

Gold and silver pushed higher on Wednesday morning on diminishing value of equities.

A spell of buying by investors, jewellers and industries gave the prices some lift.

MCX Gold futures were trading up 0.23 per cent, or Rs 70, at Rs 30,122 per 10 grams at around 11.10 am while MCX Silver futures rose 0.32 per cent, or Rs 126, to Rs 39,249 per 1 kg.


Nirmal Bang Commodities said, "Gold prices are supportive at Rs 29,700. One can buy on dips at Rs 29,900 with a stop loss below Rs 29,700."



"Silver prices are expected to trade sideways to up from Rs 38,500-39,700. One can buy with a stop loss below Rs 38,500,” the brokerage house said.

The benchmark Sensex cracked below the 36,000-mark in early part, down over 100 points, as participants shrank bets ahead of the Union Budget amid fresh outflow of foreign capital.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, slumped 0.17 per cent to 846.67 tonnes on Monday.