Gold: Gold, silver down in morning trade

Gold prices were trading in red in morning trade on Tuesday on account of weak trend overseas and subdued demand from local jewellers.

MCX Gold was down 0.31 per cent, or Rs 94, at Rs 29,839 per 10 gram around 10.35 am (IST), whereas MCX Silver was down 0.33 per cent, or Rs 134, at Rs 41,030 per 1 kg.

On the further movement of gold, Angel Commodities said, “We expect gold prices to trade sideways on Tuesday as profit booking after a recent rally, stronger dollar index and less damage by Hurricane IRMA are all factors pushing down gold prices.”

Latest holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.3 per cent to 834.50 tonnes till September 8.

Holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,173.58 tonnes, remain unchanged from previous business day.

Benchmark equity indices were trading firm following global cues. The BSE Sensex was up 166 points, or 0.52 per cent, at 32,048 around 10.50 am (IST), while NSE Nifty index was up 45 points, or 0.45 per cent, at 10,050.

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