Overall, the yellow metal has rallied over 13 per cent since August last year.
NEW DELHI: Gold and silver prices were trading lower in morning trade on Friday due to some selling in precious metals by investors and jewellers.
MCX Gold was down 0.25 per cent at Rs 31,741 per 10 gram at around 10.20 am (IST), while MCX Silver was trading 0.18 per cent lower at Rs 38,195.
According to brokerage firm Motilal Oswal Financial Services, gold on domestic bourses is expected to quote in the range of Rs 31,700 and Rs 32,100 on Friday.
Overall, the yellow metal has rallied over 13 per cent since August last year.
Gold prices in the international market inched higher on Thursday after the US Federal Reserve abandoned plans to raise interest rates for the year, while a cut in its US growth forecast exacerbated worries of a global economic slowdown.
Apart from this another major geopolitical matter moving the world market is the Brexit, where Britain has been given two weeks postponing its date from March 29th to April 12th.
There was also an increase in gold ETF’s as investors are looking it as a way to diversify their portfolio
Courtesy - ET
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