Gold slips in morning trade; silver up

NEW DELHI: Gold prices on the Multi Commodity Exchange (MCX) were trading lower in morning trade on Tuesday on account of diminishing demand for safe-haven bullion amid firm movement of domestic equity markets and the strengthening US dollar.

The yellow metal was trading 0.15 per cent, or Rs 43, down at Rs 28,610 per 10 gram, while the white metal silver was up 0.34 per cent, or Rs 133, at Rs 38,818 per 1 kg around 10.40 am (IST).

Nirmal Bang Commodities said, “We expect gold prices to trade range bound for the day as equities and the dollar climbed, while worries over North Korea eased.”

SPDR Gold Trust GLD, the world’s largest gold-backed exchange traded fund, said its latest holdings stood at 853.36 tonnes, remain unchanged from previous business day.

Latest holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,380.30 tonnes up 35.36 tonnes, from previous business day.

On the further movement of precious metals, SMC Investment and Advisors in a release said, “Gold can move in range of Rs 28,500-28,800 while silver can move in range of Rs 39,000-39,600 in near term.”