Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Friday tracking weakness in international spot prices as the US dollar strengthened after data showed improvement in the US economy, analysts said.

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At 10:50 am, gold futures for April delivery fell 0.34 percent to Rs 44,542 per 10 grams as against the previous close of Rs 44,695 and the opening price of Rs 44,635 on the MCX. Silver futures traded 0.23 percent higher at Rs 65,017 per kg. The prices opened at Rs 64,975 as compared to the previous close of Rs 64,869 per kg.

International gold prices slipped towards a one-week low on Friday, on course for a first weekly decline in three, with bullion pressured by a rallying dollar following positive US economic data and as vaccine roll-outs gathered steam a Reuters report said.

Spot gold was down 0.2 percent at $1,724.03 per ounce on Friday, having hit a one-week low of $1,721.46 in the previous session. US gold futures were down 0.1 percent at $1,722.70 per ounce.

For the week, the metal has lost more than 1 percent as the US dollar climbed over a four-month high on Thursday.

Meanwhile, US jobless claims data showed the number of Americans filing new claims for unemployment benefits dropped to a one-year low last week.

“The gold prices are expected to remain sideways-to-negative amid mixed cues. Strength in dollar is pressurizing the yellow metal prices, while concerns over rising coronavirus infection cases is capping the downside,” said Ajay Kedia, Director, Kedia Advisory.

According to him, gold prices are expected to see high volatility in the next 2-3 sessions.

"MCX, gold may find support at Rs 44,150 and resistance at Rs 45,200 level. Support for silver is seen at Rs 63,200 and resistance at Rs 66,500 level," Kedia said.

Here are gold rates across major cities:

Here are silver rates across major cities:

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First Published:Mar 26, 2021 10:57 AM IST