Gold, silver trade flat in morning trade

NEW DELHI: Gold and silver were trading lower in morning trade on Wednesday on account of subdued demand of precious metals from jewellers, industries, and retailers.

MCX Gold was down 0.09 per cent, or Rs 25, at Rs 29,080 per 10 gram, while MCX Silver was down 0.11 per cent, or Rs 44, at Rs 38895 per 1 kg.

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 799.29 tonnes, remain unchanged from the previous business day.

Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,401.24 tonnes, remain unchanged from the previous business day.

According to SMC Investments and Advisors, bullion counter may trade on the sideways path as investors will look for direction from geopolitical headlines and a key annual central banking conference this week in Jackson Hole in the United States.

Movement of local currency rupee can give further direction to the prices. “Gold can move in a range of Rs 29,000-29,300 while silver can move in the range of Rs 38,700-39,300 in near term,” SMC said in a research note.

Meanwhile, BSE Sensex advanced nearly 150 points and Nifty reclaimed the 9,800-mark in morning trade on Wednesday following fresh buying in realty, healthcare and banks stocks. Firm global cues further supported sentiment.