Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Tuesday following a muted trend in the international spot prices on a firm US dollar.

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At 11:00 am, gold futures for June delivery fell 0.16 percent to Rs 47,388 per 10 grams as against the previous close of Rs 47,462 and the opening price of Rs 47,465 on the MCX. Silver futures traded 0.15 percent lower at Rs 68,575 per kg. The prices opened at Rs 68,618 as compared to the previous close of Rs 68,680 per kg.

“Gold prices are likely to remain sideways as investors await the US Federal Reserve policy outcome. Concerns over rising coronavirus cases and its economic impact support the yellow metal, but a firm US dollar is limiting gains,” said Ajay Kedia, Director, Kedia Advisory.

International gold prices edged lower on Tuesday as a firmer dollar dulled the metal’s appeal, while the market looked forward to cues from the US Federal Reserve’s policy meeting, said a Reuters report.

Spot gold was down 0.1 percent at $1,777.93 per ounce. US gold futures fell 0.1 percent to $1,778.10 per ounce.

The dollar index edged up against its rivals, making gold more expensive for other currency holders, while benchmark US 10-year Treasury yield held close to the 1.570 percent level.

“On MCX, support for gold prices is seen at Rs 47,050 and resistance at Rs 47,750. Silver may fin support at Rs 67,400 and resistance at Rs 70,000,” Kedia added.

Meanwhile, the strength in the rupee against the US dollar amid buying in the domestic equity market is further pressurizing the safe-haven bullion prices.

Here are gold rates across major cities:

Here are silver rates across major cities:

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First Published:Apr 27, 2021 11:14 AM IST