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Gold, silver up; yellow metal may trade in Rs 27,900-28,300 range

Gold and silver were trading higher in morning trade on Tuesday amid weakening of the dollar and buying in precious metals by jewellers, industries and retailers.

MCX Gold was trading 0.15 per cent, or Rs 42, higher at Rs 28,128 per 10 gram, while MCX Silver was up 0.33 per cent, or Rs 122, at Rs 37,372 per 1 kg.

On the further movement of the yellow metal, SMC Investments and Advisors in a research note said, “Safe haven demand and movement of greenback will give further direction to the prices. Furthermore movement of local currency rupee can also affect the domestic prices. Gold can move in range of Rs 27,900-28,300 while silver can move in range of 37,000-37,500 in near term.”

Holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.73 per cent to 846.29 tonnes on Monday. US markets will remain shut on Tuesday for Independence Day holiday.

Meanwhile, benchmark equity index pared their initial gains and were trading in red. The BSE Sensex was down 21 points, or 0.07 per cent, at 31,199, while NSE Nifty index was down 7.55 points, or 0.08 per cent at 9,607.