NEW DELHI: Precious metals gold and silver were trading in the negative territory in the late morning deals on Thursday as minutes from the Federal Reserves' last policy meeting raised expectations for a faster pace of US rate hikes.
MCX Gold futures were trading 0.24 per cent, or Rs 73 lower at Rs 31,282 per 10 grams at 11 am (IST), while MCX Silver futures were down 0.47 per cent, or Rs 185, at Rs 38,996 per 1 kg at the same time.
SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings stood at 859.99 tonnes, remain unchanged from the previous business day.
Holdings of the largest silver-backed exchange-traded-fund(ETF), New York's iShares Silver Trust SLV, stood at 9959.22 tonnes, remain unchanged from the previous business day.
On the global front too, gold prices eased off multi-week highs on Thursday. Gold on Wednesday rose to $1,365.23 per ounce, its highest since January 25, buoyed by escalating tensions in Syria, US sanctions on Russia and the US-China trade spat.