Gold and silver were trading higher in morning trade on Monday following buying in precious metals from jewelers, industries and retailers.
MCX Gold futures were up 0.13 per cent at Rs 30,489 per 10 grams at around 10.30 am (IST), MCX Silver futures were up 0.37 per cent, or Rs 140, at Rs 38,475 per 1 kg.
According to SMC Investments and Advisors, positive international markets are likely to give further direction to the bullion counters. Gold can recover towards Rs 30,600 while silver can recover towards Rs 39,000 in MCX.
“Some selling pressure in the greenback and improved sentiments in euro can also lift the bullion counter,” SMC said.
Latest holdings of SPDR Gold Trust rose 0.35 per cent to 833.98 tonnes on Thursday last week from 831.03 tonnes in the previous trading session.
Meanwhile, the benchmark equity index BSE Sensex plunged over 300 points to drop below the 34,000 mark and NSE Nifty shed over 100 points in morning trade on Monday on heavy losses in metal, auto, oil and Gas, banking and PSU stocks after US President Donald Trump fuelled concerns of a global trade war.
