Gold, silver up on safe-haven demand

Rising geopolitical tensions between US and North Korea continued to keep gold and silver in green on account of increasing safe-haven demand.

MCX Gold was trading 0.28 per cent up at Rs 29,257 per 10 gram around 11 am (IST), while MCX silver was up 0.20 per cent, or Rs 78, at Rs 39,291 per 1 kg.

Nirmal Bang Commodities said, “Gold prices are expected to test Rs 29,400-550. One can buy around Rs 29,050 with a stop loss below Rs 28,870.”

SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 786.87 tonnes, down 0.27 tonnes, from previous business day.

Latest holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10562.93 tonnes, remain unchanged from previous business day.

Benchmark equity index BSE Sensex plunged over 300 points in early trade and Nifty breached 9,800-mark on Friday following global sell-off triggered by mounting geo-political tensions between the US and North Korea.

Besides, caution ahead of IIP data for June due later in the day too weighed on the sentiments.