Gold and silver prices were trading lower in morning trade on Wednesday due to some selling in precious metals by jewellers, investors and retailers amid strengthening equity markets. MCX Gold was trading 0.11 per cent down at Rs 33,329 per 10 gram at around 10.25 am (IST), while the MCX Silver was down 0.15 per cent at Rs 40,303 per 1 kg at around the same time. According to Motilal Oswal Financial Services, MCX Gold will continue to remain in a sideways range for the session having immediate resistance at Rs 33,550 whereas support is placed at Rs 33,220-33,150. MCX Silver has strong support at Rs 40,150-40,000, whereas resistance is at Rs 40550-40635.
“Initial dip towards support area will be a good buying opportunity for silver,” Motilal Oswal said in a report. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.18 per cent on Tuesday. Holdings have dropped for three straight sessions. Coming to domestic equity markets, BSE benchmark Sensex climbed over 250 points and NSE Nifty reclaimed the 11,000 mark in morning trade on Wednesday led by gains in IT and metal stocks amid heavy buying by domestic and foreign institutional investors.