Gold prices were trading on a
flat note in morning deals on Tuesday on account of subdued demand for the
precious metal from jewellers, retailers and investors.
MCX Gold futures were trading at
Rs 29,262, up Rs 1 against its previous close at around 10.55 am (IST).
Angel Commodities in a research
report said, "We expect gold prices to trade sideways on Tuesday as global
investors will await US inflation numbers for further cues on pace of future
rate hikes."
SMC Investments and Advisors
said, "Bullion counter may trade on volatile path as movement of greenback
and fear of interest rate hikes this year by Fed to give further direction to
the prices."
"Gold can move in range of
Rs 29,150-29,400 while silver can move in range of 38,800-39,300 in near
term," the brokerage house said in a report.
Holdings of SPDR Gold Trust, the
world's largest gold-backed exchange-traded fund, fell 0.14 per cent to 834.86
tonnes on January 5 from 836.04 tonnes on January 4.
Coming to equity marktes, the BSE
Sensex scaled a fresh record high of 34,487.52 while NSE Nifty touched
life-time high of 10,659.15 in opening session on Tuesday following gains in
Coal India, Tata Motors and RIL.
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Source: Economictimes
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