Gold, silver trade flat with marginal gains ahead of Trump news conference

NEW DELHI: Gold and silver were trading higher with marginal gains in morning trade on Wednesday on account of lukewarm buying in precious metals by jewellers, retailers and industries. Markets are also waiting for indications on policy from the US President-elect Donald Trump's first news conference since the US elections, due later in the day.

The yellow metal was trading 0.23 per cent, or Rs 66, up at Rs 28210 around 10.35 am (IST) on the Multi Commodity Exchange (MCX), while the white metal was up 0.06 per cent, or Rs 26, at Rs 41,122 per 1 kg around the same time.

SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 805 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 10612.51 tonnes, remain unchanged from previous business day.

For the Wednesday’s movement, Nirmal Bang Commodities said, “Precious metals are trading flat on COMEX today. We expect prices to trade higher for the day, with economic and political uncertainty boosting its safe-haven appeal.”

According to SMC Investment & Advisors, the bullion counter may continue further upside contining recent gains on weaker greenback. Gold can move in range of Rs 28,000-28,400 while silver can move in range of Rs 40,800-41,500 in near term.