Gold, silver trade higher after Donald Trump press conference

NEW DELHI: Gold and silver traded higher in early trade on Thursday on a weak dollar after the US President-elect Donald Trump gave little clarity on future fiscal policies at a press briefing on Wednesday.

The yellow metal on the Multi Commodity Exchange (MCX) was trading 0.18 per cent, or Rs 50, up at 28,350 per 10 gram around 10.20 am (IST), while the white metal was trading 0.09 per cent, or Rs 38, up at Rs 41,046 per 1 kg.

According to Nirmal Bang Commodities, MCX gold prices could edge higher if it sustains above 28,300 till 28,500-600. One can hold position as long as above Rs 28,300 per 10 gram.

On Friday’s movement, Angel Commodities Broking said, “We expect gold prices to trade higher continuing its momentum from the previous trading session while weaker dollar will further support the yellow metal.”

Gold MCX on Wednesday closed 0.66 per cent up at Rs 28,331 per 10 gram in the previous trading session, while silver settled 0.13 per cent down at Rs 41,043 per 1 kg.

In the international markets, gold prices rose to a 7-week high on Thursday on a weaker dollar after US President-elect Donald Trump news conference. "There is some kind of uncertainty in Trump's policies and the dollar's upside is also being questioned by the markets," Argonaut Securities analyst Helen Lau told Reuters.