Gold, silver trade higher in early trade
Gold on the Multi Commodity Exchange (MCX) were trading higher in early trade on Wednesday as rising global tensions surrounding Syria and North Korea drive investors to safe haven assets.
The yellow metal was trading 0.16 per cent, or Rs 47, up at Rs 29240 per 10 gram around 10.20 am (IST), while the white metal was up 0.32 per cent, or Rs 133, up at Rs 42320 per 1 kg.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 842.41 tonnes, up 4.15 tonnes, from previous business day.
Abnish Kumar, Director & Research Head, Amrapali Aadya said, “Political risk could surge the gold prices higher in the near term but dollar may retaliate as US economy is gaining and Fed is looking for gradual hike to make the recovery sustainable.”