Gold, silver trade lower ahead of US jobs data

NEW DELHI: Gold and silver futures on the Multi Commodity Exchange (MCX) were trading lower in early trade on Friday hit by strengthening dollar ahead of US jobs data later in the day.

The yellow metal was trading 0.34 per cent, or Rs 96, down at Rs 28,350 per 10 gram, while the white metal was down 1.42 per cent, or Rs 590, at Rs 40,840 per 1 kg around 10.10 am (IST).

On the further movement of precious metals, Nirmal Bang Commodities said, "We expect prices to trade range bound for the day, pressured by a stronger dollar ahead of US jobs data later in the day."



Precious metals closed lower for the sixth straight session and reached a five-week low on Thursday, with analysts expecting further losses as investors become increasingly certain that US interest rates will rise this month.

SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 834.10 tonnes, down 2.67 tonnes, from the previous business day.



Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,268.39 tonnes, down 35.35 tonnes, from the previous business day.

NCDEX spot Gold closed 0.39 per cent down at Rs 28,615 per 10 gm on Thursday, while silver closed 1.49 per cent down at Rs 41,176 per 1 kg.