Gold and silver were trading flat with marginal gains in
early trade on the first day of Calendar 2017 due to lack of global cues amid
subdued buying by jewellers, investors and industries.
The yellow metal was trading 0.20 per cent, or Rs 56, higher
at Rs 27,501 per 10 gm at around 10.30 am (IST), while the white metal was
trading 0.26 per cent, or Rs 103, higher at Rs 39,152 per 1 kg on the Multi
Commodity Exchange (MCX).
However, silver declined by Rs 100 to Rs 39,300 per kg owing
to reduced offtake by industrial units.
Traders said absence of cues from global markets which are
closed, mainly kept gold prices unaltered here.
In the national capital, gold of 99.9 and 99.5 per cent purity
ruled flat at Rs 28,300 and Rs 28,150 per 10 grams, respectively. It had lost
Rs 200 on the last trading session of 2016 on Saturday.
SMC Investment and Advisors in a research note said, “Gold
can move in the Rs 27,300-27,500 per 10 gm range while silver can move in the
Rs 38,700-39,400 range in the near term.”
Gold prices eased on Friday as gains from a weak dollar was
offset by profit taking at the end of a year in which bullion gained about more
than 8 per cent, snapping three years of declines.
Managing Director of RSBL, Prithviraj Kothari is of the view that
since Gold prices tumbled to
10-month lows on December 15 after the Fed hiked interest rates, this signaled
could be an expected rise in rates more quickly than previously anticipated in
2017.
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