Gold, silver trade higher; likely to remain volatile ahead

NEW DELHI: Gold prices on the commodity bourses were trading higher in morning session on account of safe haven demand from investors, retailers and jewellers.

MCX Gold was trading 0.44 per cent, or Rs 127, up at Rs 28,932 per 10 gram, while MCX Silver was up 0.27 per cent, or Rs 112, at Rs 42,370 per 1 kg.

Nirmal Bang Commodities in a research note said, “We expect gold prices to trade range bound for the day as appetite for risk assets such as equities waned ahead of a tense meeting between US President Donald Trump and his Chinese counterpart. Trader can buy gold around Rs 28,750 per 10 gram with a stop loss below Rs 28,600.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 836.77 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 10,237.66 tonnes, down 4.24 tonnes, from previous business day.

SMC Investment and Advisors said, “Bullion counter may trade on volatile path on Thursday on mixed fundamentals as the US jobless claim data and nonfarm payroll data on Friday to give further direction to the prices.”