Gold futures recovered from early losses to close on a flat note, with investors weighing the metal’s safe-haven appeal against a backdrop of US economic releases & ahead of upcoming monetary policy decisions by central banks in Europe. Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,244.86 tons, as on March 5. Gold prices are expected to trade within the range from 29400 to 29800 for the day.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, increased to 10,646.48 tons, as on March 4. South Korea's central bank said it has increased its holding of gold in 3-months in February, in a bid to diversify the portfolio of its foreign exchange reserves. Silver prices are likely to trade sideways from 54400 to 55500. Prices are witnessing support at lower end at 54600 -54500. For intraday if sustains above the mentioned zone then one can buy with a strict stop loss below 54400.
MCX Bullion Tips:
In MCX gold One can buy on dips till 29520 -29550 with a stop loss below 29400 for the target at 29700-29750.
