Gold, silver edges lower in early trade

NEW DELHI: Gold and silver prices on the Multi Commodity Exchange (MCX) were trading lower in early trade on Thursday on account of weak demand of precious metals from jewellers, retailers and industries.

The yellow metal was trading 0.17 per cent, or Rs 50, down at Rs 29255 per 10 kg around 10.25 am (IST), while the white metal was down 0.17 per cent, or Rs 73, at 41825 per 1 kg.

According to SMC Investment and Advisors, bullion counter may witness volatile movement on mixed fundamentals on Thursday. However, Gold (June) can move in range of Rs 29,200-29,450 while silver (May) can move in range of Rs 41,500-42,300 in near term.

However, Angel Commodities believes that gold prices to trade higher on Thursday as uncertainty in the global environment and slow growth in the US economy according to the Beige Book.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.39 per cent on Wednesday, their biggest one day gain since early September 2016. Holdings climbed nearly 12 tonnes from Tuesday to 860.76 tonnes.

NCDEX Gold closed 0.65 per cent down at Rs 29,301 per 10 gm on Wednesday, while silver closed 1.07 per cent down at Rs 41,850 per 1 kg.