Gold, silver prices slip on upbeat US data

Gold and silver prices were lower in early trade on Friday on account of subdued demand of precious metals from jewellers, retailers and industries.

MCX Gold was trading 0.17 per cent, or Rs 48, down at Rs 28,604 per 10 gram at 10.35 am (IST), while MCX Silver was down 0.43 per cent, or Rs 171, at Rs 39,642 per 1 kg at around the same time.

Nirmal Bang Commodities in a research note said, “We expect gold prices to trade range bound for the day as Asian stocks and the dollar firmed after upbeat US private sector job figures appeared to boost the prospects for an interest rate hike this month.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 847.45 tonnes, remain unchanged from previous business day.

Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,605.56 tonnes, remain unchanged from previous business day.

Investors will be looking for further clues on the timing of rate rises in US non-farm payroll data due later in the day.