Gold and silver were trading on a flat note in morning trade on Tuesday on account of lacklustre demand of precious metals from jewellers, industries and retailers.
MCX Gold futures were down marginally 0.05 per cent at Rs 30,090 per 10 gram at around 10.05 am (IST), while MCX Silver futures were up 0.06 per cent at Rs 39,068 per 1 kg at around the same time.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day, as the US dollar remained largely unchanged ahead of the US Federal Reserve Chairman Jerome Powell's first congressional testimony.”
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its latest holdings stood at 794.01 tonnes down 1.18 tonnes, from previous business day. Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,198.24 tonnes, up 35.12 tonnes, from previous business day.
Precious metals prices steadied on Monday as weak physical demand in top-consuming regions and the expectation of higher US interest rates weigh, despite the bullion-priced US dollar losing steam.
SMC Global Securities said, “Gold can take support near Rs 29,900 and can face resistance near Rs 30,200 in MCX. Meanwhile, silver can take support near Rs 38,900 and resistance near Rs 39,300.”
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