Gold, Silver downward In Early Industry; Should You Buy?
NEW DELHI: Gold prices on the Multi Commodity Exchange (MCX) were trading flat with negative bias in early deals on Monday on account of profit booking amid uninspiring economic data from the United States and dovish remarks from a Federal Reserve official on Friday.The yellow metal was trading 0.05 per cent, or Rs 15, down at Rs 28,448 per 10 gram around 10.33 am. Silver was down 0.21 per cent, or Rs 88, at Rs 42,238 per 1 kg.According to Angel Broking, gold prices will trade lower on Monday on account of strengthening dollar and profit booking at higher levels while on the other hand uncertainty surrounding Brexit will keep the safe haven appeal intact for gold.Precious metals prices garnered a quarterly gain of about 8.4 per cent on Friday, marking its best quarter in a year, as uncertainty over US President Donald Trump's tax and investment plans and elections in Europe fueled demand for bullion as a safe haven.Nirmal Bang Commodities in a research note said, “We expect precious metals to trade range bound for the day. Silver prices are expected to consolidate from Rs 42,500-41,900 per kg. Fresh buying above Rs 42,500 should be witnessed.” SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 832.32 tonnes, remain unchanged from previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,274.29 down 17.68 tonnes, from previous business day.
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Silver Price Equal Off with Notable Support
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BENGALURU, FEB 27:
Gold prices held firm on Monday near 3-1/2 month highs hit in the previous session, with investor...
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