Gold was trading higher on Monday morning after the dollar index hit nearly two-month lows of 92.675 on Friday.
MCX Gold futures were trading 0.32 per cent, or Rs 95, up at Rs 29,475 per 10 gram around 10.30 am (IST), while MCX Silver futrues were trading 0.29 per cent, or Rs 114, up at Rs 39,355 per 1 kg.
SMC Investments and Advisors believes that bullion counter may trade with volatile path as movement of greenback, the US tax legislation and global risk sentiment are to provide further direction to the prices.
“Gold can move in range of Rs 29,200-29,500 while silver can move in range of Rs 39,000-Rs 39,600 in near term,” the brokerage house said.
On the other hand, Angel Commodities said, “We expect gold prices to trade sideways as the expectations of the rate hike seems to have been delayed while weak dollar on account of spate of poor economic data are also push factors in the near term.”
Meanwhile, benchmark equity indices BSE Sensex and NSE Nifty index were trading in red as investors reduced their bets after Standard & Poor's kept India's sovereign rating unchanged.
Weak global cues further dampened market sentiments.
The BSE Sensex was down 54 points, or 0.16 per cent, at 33,624 around 10.35 am (IST), while NSE Nifty index was down 23.80 points, or 0.23 per cent, down at 10,365 at around the same time.
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