Gold prices down as strong US dollar weigh ​

Gold prices slipped on Tuesday following strengthening US dollar on the back of rising global trade tensions.

MCX Gold prices were down 0.25 per cent at Rs 30,250 per 10 gram at around 10.30 am (IST), while MCX Silver was trading 0.09 per cent down at Rs 36,784 per 1 kg.

According to SMC Global Securities, bullion counter may trade with sideways to weak bias as gold on Tuesday. Markets are nervous about the escalating trade conflict between the United States and China, after US President Donald Trump said last week that he wanted to move ahead on a plan to impose tariffs on Chinese imports worth $200 billion. Gold (Oct) can take support near Rs 30,150 and can face resistance near Rs 30,450 in MCX. While Silver (Dec) can take support near Rs 37,400 and it has resistance near Rs 37,800.



Robust American currency makes gold more expensive for holders of other currencies, with safe-haven demand for gold this year overshadowed by the metal's relationship with the greenback.

Meanwhile, liquidations also continued in SPDR Gold, the world’s largest gold-backed exchange-traded fund. Holdings have fallen by more than 13 per cent since peaking in late April.

Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10259.67 tonnes, up 23.39 tonnes, from previous business day.