Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Thursday amid a muted trend in the international spot prices as strength in US dollar weighed.
At 10:50 am, gold futures for April delivery eased 0.02 percent to Rs 44,849 per 10 grams as against the previous close of Rs 44,860 and opening price of Rs 44,892 on the MCX. Silver futures traded 0.16 percent lower at Rs 65,138 per kg. The prices opened at Rs 65,159 as compared to the previous close of Rs 65,245 per kg.
“Gold is expected to remain rangebound going ahead. Rising coronavirus infection cases support the safe-haven appeal for gold, while strength in US dollar is limiting gains,” said Ajay Kedia, director, Kedia Advisory.
Meanwhile, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2 percent to 1,043.03 tonnes on Wednesday from 1,045.36 tonnes.
International gold prices rose on Thursday as surging COVID-19 cases across Europe fuelled economic growth concerns, although a strong US dollar checked gains in bullion, said a Reuters report.
Spot gold was up 0.1 percent at $1,736.31 per ounce. US gold futures were also up 0.2 percent at $1,735.90 per ounce.
The dollar index jumped to fresh four-month highs on concerns about extended economic lockdowns in Europe and potential US tax hikes.
“On MCX, gold may find support at Rs 44,550 and resistance at Rs 45,200 level. Support for silver is seen at Rs 64,100 and resistance is placed at Rs 66,400 level,” Kedia said.
A weak Indian rupee amid selling in the domestic equity market may lift the safe-haven appeal for the yellow metal.
Here are gold rates across major cities:
Here are silver rates across major cities:
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