MCX Gold was down 0.14 per cent, or Rs 40, at Rs 28,291 per 10 gram around 10.40 am (IST), while MCX Silver was down 0.27 per cent, or Rs 101, at Rs 37,780 per 1 kg.
According to Nirmal Bang Commodities, gold prices are expected to trade sideways from Rs 28,100-28,500 per 10 gram. Silver prices might test Rs 38,300-600. Traders can buy the white metal with a stop loss below Rs 37,300 per kg.”
Latest holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Shares, declined 5.3 tonnes on Wednesday to 816.1 tonnes, the lowest level since early February. Its reserves have declined more than 12 tonnes so far this week.
SMC Investments and Advisors said, “Bullion counter can trade on volatile path. Meanwhile local currency rupee can also affect the domestic prices.”
“Gold can move in range of Rs 28150-28400 while silver can move in range of 37300-38000 in near term,” the brokerage house said.
Meanwhile domestic equity markets were trading in green following robust quarterly numbers from Reliance Industries. The BSE Sensex was up 147.78 points, or 0.46 per cent, at Rs 32052 around 11 am (IST), while NSE Nifty index was up 37.95 points, or 0.38 per cent, at 9911.25 at around the same time.