Gold Rate Today: Gold heads down as dollar covers ground

Gold found itself at the receiving end of a stronger dollar on Tuesday after the US currency rebounded from over three-year lows hit last week.

MCX Gold futures were trading 0.51 per cent down at Rs 30,585 per 10 gram at around 10.50 am (IST). Silver was also trading in the red in morning deals.




MCX Silver futures were down 0.65 per cent at Rs 38,303 per kg.

The latest holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund (ETF), were little changed at 824.54 tonnes.

The figure for the largest silver-backed ETF, New York's iShares Silver Trust SLV, came in steady at 9,767.91 tonnes.

Nirmal Bang Commodities said, “We expect gold prices to trade rangebound for the day as the dollar rebounded from over three-year lows.”

Angel Commodities said, “We expect gold prices to trade lower today as recovery in the dollar will weigh on the yellow metal in light of consistent strong economic data from the US.”