Gold futures on the Multi Commodity Exchange were trading lower in early trade

Gold futures on the Multi Commodity Exchange (MCX) were trading lower in early trade on Monday on account of profit booking by traders amid subdued demand for precious metals from jewellers and investors.
MCX Silver was trading 0.51 per cent, or Rs 217, down at Rs 42,720 per 1 kg.
The yellow metal was trading 0.41 per cent, or Rs 119, down at Rs 29,241 per 10 gram.
SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its latest holdings stood at 841.17 tonnes down 2.37 tonnes, from previous business day.
According to Nirmal Bang Commoditeis, gold prices are expected to witness profit booking in Monday’s trade. “One can sell with a strict stop loss above Rs 29,530 per 10 gram and prices of gold could test Rs 29150-100 per 10 gram,” the brokerage house said.
Latest holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10410.74 tonnes, remain unchanged from previous business day.
Precious metals prices eased on Friday but notched a weekly gain as investors opted for the safe-haven qualities of bullion due to uncertainty about US and European politics as well as the direction of stock markets.
NCDEX data showed spot prices of gold Ahmedabad were at Rs 29,397 per 10 gm on Friday, while silver Ahmedabad was at Rs 42,800 per 1 kg.