Gold, silver inches higher in early trade; should you buy?

NEW DELHI: Gold and silver were trading higher in early deals on Monday on account of buying in precious metals from jewellers, investors and retailers.

The yellow metal was trading 0.06 per cent up at Rs 28,022 per 10 gram around 10.15 am (IST), while the white metal was up 0.62 per cent at Rs 38,390 per 1 kg at around the same time.

For Monday’s trading session, Nirmal Bang Commodities said, “We expect prices to trade range bound for the day as weaker-than-expected economic data from the US and a missile test by North Korea over the weekend weighed on risk appetite and pressured the dollar.”

SMC Investments and Advisors said, “Bullion counter may trade on positive path on weaker dollar index and increased safe haven demand. Gold can move in range of Rs 27,900-28,250 while silver can move in range of Rs 38,000-38,400 in near term.”

SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 851.89 tonnes, remain unchanged from previous business day.

Latest holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,605.55 tonnes up 73.59 tonnes, from previous business day.