Gold, silver rise as euro gained after Macron win in France

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

The yellow metal was trading 0.14 per cent, or Rs 38, up at 28,110 around 10.40 am (IST), while the white metal was up 0.56 per cent, or Rs 214, at Rs 38,232 per 1 kg.

For Monday’s trading session, Nirmal Bang Commodities said, “We expect prices to trade higher for the day as the euro strengthened after expected win of pro-EU candidate Emmanuel Macron in the French presidential election.”

SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 853.08 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 10,412.74 tonnes, remain unchanged from previous business day.

According to SMC Investments and Advisors, bullion counter may see short covering on Monday. Gold can move in range of Rs 27,900-28,300 per 10 gram while silver can move in range of Rs 37,900-38600 per 1 kg in near term.