Gold Rate Today: Gold, silver shine more as dollar loses out

Gold prices took on some muscle on Friday morning, with the dollar pinned down at a multi-month low globally.

Buying by jewellers and investors propped up the yellow metal, too.

MCX Gold futures turned higher by 0.34 per cent, or Rs 105, at Rs 30,684 at around 10.40 am (IST). MCX Silver futures firmed up 0.34 per cent, or Rs 131, to Rs 38,640.

Nirmal Bang Commodities said, “We expect prices to trade higher for the day, buoyed by a weaker US dollar, as investors looked to hedge against inflation.”

The latest holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, stood at 821.30 tonnes, down 2.36 tonnes, from the previous business day.

Holdings of the largest silver-backed exchange-traded fund (ETF), New York's iShares Silver Trust SLV, read 9,767.91 tonnes, at the same level as the previous business day.

SMC Investments and Advisors sees a range of Rs 30,500-30,800 for gold and Rs 38,300-38,700 for silver in the near term.

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Source: Economictimes