Bullion counter may trade on sideways path on mixed fundamentals. On domestic bourses strong local currency can keep price under pressure.
MCX Silver futures were trading 0.01 per cent lower at Rs 38,800 per 1 kg, while MCX Gold futures were down 0.11 per cent at Rs 31,868 per 10 gram.
“Recently rising political tensions and worries over slowing global economic growth have supported the prices. Gold can take support near Rs 31,750 and can face resistance near Rs 32,000 in MCX. While silver can take support near 38,650-38,850,” SMC said.
Latest holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.39 per cent to 745.82 tonnes on Friday. Holdings of the largest silver backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,389.79, up 35.06 tonnes, from previous business day.
“We expect prices to trade range bound to higher for the day, as Asian shares fell amid rising political tensions and worries over slowing global economic growth,” .
