Gold Rate Today: Gold trades in the red in morning deals; silver up

Gold was trading lower in morning deals on Monday on account of subdued demand of precious metal from jewellers, retailers and investors.

MCX Gold futures were trading 0.19 per cent, or Rs 53, down at Rs 28,480 per 10 gram, while MCX Silver futures were up 0.09 per cent, or Rs 34, at Rs 37,089 per 1 kg.

Angel Commodities said, “We expect gold prices to trade lower on Monday on strengthening dollar index and optimism about the passage of the tax plan. Besides, rate hike in the FOMC meeting scheduled this week and good NFP data due released last Friday are key factors for gold prices to trade lower.”



According to SMC Investments and Advisors, bullion counter may trade with sideways path as Fed meeting this week along with movement of greenback are likely to give sway the prices.

Meanwhile, movement of local currency rupee will give further direction to the prices.

“Gold can move in range of Rs 28,400-28,700 while silver can move in range of Rs 36,800-37,400 in near term,” SMC Investments and Advisors said in a research report.

SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.31 per cent to 842.81 tonnes on December 7 from 845.47 tonnes on December 6.