Gold Rate Today: Gold slips on lower demand; silver edges higher – Economic Times

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NEW DELHI: A slump in demand by local jewellers at the spot market took the shine off
bullion in futures trade on Wednesday even as firm global trend capped the fall in
gold prices.

Gold prices held steady after rising the most since January 9 the day before, on demand for safe-haven assets amid concerns over the slowing global economy along with uncertainty about the trade dispute between the United States and China, Reuters reported.

The MCX Gold was trading at Rs 32,138 per 10 grams, lower by Rs 22 around 11:05 am.

Silver, however, traded with tepid gains after orders from industrial units and coin makers rose slightly.

MCX Silver was trading Rs 35 higher at Rs 39,107 a kilo around that time.

Brokerage Motilal Oswal Securities suggests dip buying in gold around Rs 32,070-32,020, highlighting that the precious metal has support at Rs 32,020-31,900.

For silver, support is at Rs 38,950-38,870, whereas resistance is at Rs 39,225-39,350, the brokerage said.

Source

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