Gold and silver prices were trading higher in the wee hours of today’s trading session because of the bulk purchases in the precious metal by jewelers, investors and industries.
The precious yellow metal was trading by 0.22 percent higher or 0.971 dollars and was trading 434.41 in every 10 grams. Around 10:15 am, while silver was up by 0.22 percent. According to Nirmal Bang Commodities, precious metals are likely to continue this upward direction as investor turned their attention to testimony from the US Federal Reserve Chair Janet Yellen.
MCX Gold on Monday closed with an increase of 0.53 percent down at 433.41 dollars, while MCX Silver settled 0.36 percent in the red market 42,443 dollars. According to commodity experts, the prices of these precious metals have slipped on Monday because of the dollar performing well in the market.
SPDR Gold Trust GLD, which is the world’s largest gold based exchange trade fund, states that its latest holdings stood at 840.87 tons up 4.14 tons, from previous business day. Holding of the biggest silver based exchange traded fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,410.74 tons, have remain unchanged from the previous business day.
On the further price movement of the yellow metal, Angel Broking Commodities in a research from the economictimes .com said that “Gold prices are likely to trade sideways on Tuesday as investors will keenly watch Janet Yellen’s testimony due Tuesday and Wednesday for any comments on rate hike timing”