Gold Silver Slip on Muted Spot Demand

Gold Silver Reports (GSR) – Gold prices fell in futures trade on Friday dragged by muted demand at the spot market. Silver also fell on reduced orders from industrial units and coin makers.

In global markets, gold prices inched up but the gains were capped on signs that the US Fed may raise interest rates again.

Spot Gold Golden Triangle Pattern, Above $1300 Target $1352—$1372 – Neal Bhai

The precious metal had hit a 10-month high on Thursday but later erased the gains. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.63 per cent to 789.51 tonnes on Thursday.

MCX Gold may see a sideways-to-negative trade today. The commodity has intraday resistance at Rs 33,570-33,700 whereas support is placed at Rs 33,250 — 33,115.

Gold Hovers Near 10-month Peak Amid Steady Dollar After Fed Minutes

The MCX Gold was trading at Rs 33,390 per 10 grams, down by Rs 59, while MCX Silver was trading Rs 94 lower at Rs 40,070 a kilo around 11 am.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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