Gold prices were trading higher on Thursday following weak US dollar. MCX Gold futures were trading 0.05 per cent up at Rs 30,490 at around 10.30 am (IST).
MCX Silver futures were trading 0.25 per cent, or Rs 98, up at Rs 38,810 per 1 kg at around the same time.
Market participants are also waiting for more details on the US President Donald Trump’s proposed steel and aluminium tariffs, the outcome of the European Central Bank’s policy meeting, and US jobs data.
According to SMC Investments and Advisors, bullion counter may witness some lower level buying as investors will focus on the tomorrow nonfarm payroll data. “On domestic bourses gold can bounce towards Rs 30,600 while silver can also try to test Rs 38,700 on MCX,” SMC said.
Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.03 per cent to 833.73 tonnes on Wednesday from Tuesday.
However Angel Broking said, “Departure of the US economic adviser and suitable progress in North Korea regarding denuclearisation are contrasting set of factors governing gold prices. It remains to be seen, how these events unfold in the week ahead. On the MCX, gold prices are expected to trade higher today.
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