Gold prices were trading lower in morning trade on Thursday as the dollar recouped losses after cautious comments from the US Trade Representative Robert Lighthizer dented investors’ hopes for a closure to the tariff war with China.
MCX Gold was trading 0.11 per cent down at Rs 33,248 per 10 gram at around 10.30 am (IST). On the other hand, MCX Silver was trading 0.12 per cent up at Rs 39,809 per 1 kg at around the same time.
On the domestic front, Q3 GDP number will be in focus and a disappointing growth figure could keep the rupee under pressure and that could restrict any major fall in gold prices on the domestic bourses.
“For the day, gold on MCX is expected to quote in the range of Rs 33,030 and Rs 33,450,” Motilal Oswal Financial Services said.
SMC Global Securities added that bullion counter may witness range bound movement as gold held steady on Wednesday, consolidating in a tight range, with the US Federal Reserve’s dovish stance on monetary policy offering limited support.
MCX Gold was trading 0.11 per cent down at Rs 33,248 per 10 gram at around 10.30 am (IST). On the other hand, MCX Silver was trading 0.12 per cent up at Rs 39,809 per 1 kg at around the same time.
On the domestic front, Q3 GDP number will be in focus and a disappointing growth figure could keep the rupee under pressure and that could restrict any major fall in gold prices on the domestic bourses.
“For the day, gold on MCX is expected to quote in the range of Rs 33,030 and Rs 33,450,” Motilal Oswal Financial Services said.
SMC Global Securities added that bullion counter may witness range bound movement as gold held steady on Wednesday, consolidating in a tight range, with the US Federal Reserve’s dovish stance on monetary policy offering limited support.
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