Gold prices in India traded marginally lower on the Multi Commodity Exchange (MCX) Friday tracking a muted trend in the international spot price on upbeat US economic data. However, analysts suggest buying on dips amid increasing safe-haven appeal.

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At 10:15 am, gold futures for June delivery fell 0.18 percent to Rs 47,092 per 10 grams as against the previous close of Rs 47,175 and opening price of Rs 47,099 on the MCX. Silver futures traded 0.19 percent lower at Rs 68,407 per kg. The prices opened at Rs 68,400 as compared to the previous close of Rs 68,540 per kg.

“The outlook for both the precious metals remains positive on the back of weakening US dollar and lower bond yields. A surge in COVID-19 cases in India and Europe is also lifting safe-haven investment demand for gold,” said Jigar Trivedi, Fundamental Research Analyst at Anand Rathi.

International gold prices were steady on Friday as robust US economic data nullified support from lower Treasury yields, although the metal looked set to post a second straight weekly gain on inflationary concerns, said a Reuters report.

Spot gold was steady at $1,763.46 per ounce. US gold futures were down 0.2 percent to $1,763.80 per ounce.

Strong US economic data weighed on gold prices. US retail sales in March showed a better-than-expected rebound, while weekly initial claims for state unemployment benefits dropped to the lowest level since mid-March 2020.

However, gold was set for its best week in five as inflationary concerns over massive fiscal aids and ultra-low interest rates across the globe kept the metal supported.

“The bias for gold and silver remains positive and any correction in prices can be used as a buying opportunity,” Trivedi said.

“On MCX, support for gold is seen at Rs 46,800 - 47,000 levels and resistance at Rs 47,250 – 47,350 levels. Silver may find support at Rs 67,500 – 68,000 levels and resisitance at Rs 68,800 – 69,300 levels,” Trivedi added.

Here are gold rates across major cities:

Here are silver rates across major cities:

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First Published:Apr 16, 2021 10:22 AM IST