Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday as the international spot prices rose. The weak US dollar lifted the precious metal prices, while silver prices also traded higher.

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At 10:35 am, gold futures for June delivery rose 0.63 percent to Rs 47,030 per 10 grams as against the previous close of Rs 46,737 and the opening price of Rs 46,921 on the MCX. Silver futures traded 0.66 percent higher at Rs 68,820 per kg. The prices opened at Rs 68,807 as compared to the previous close of Rs 68,366 per kg.

“The gold prices rose amid a subdued dollar and COVID concerns. A weak rupee also supported the yellow metal prices,” said Ajay Kedia, director, Kedia Advisory.

International gold prices ticked up on Monday, supported by a muted dollar ahead of a series of US data, while auto-catalyst metal palladium held firm after surpassing $3,000 per ounce on concerns over supply shortage in the previous session, a Reuters report said.

Spot gold was up 0.1 percent at $1,770.66 per ounce, US gold futures rose 0.2 percent to $1,770.30 per ounce.

The dollar index was down 0.1 percent against its rivals, making gold less expensive for other currency holders.

Unless gold crosses the $1,800 level, the upside in gold prices looks limited, according to Kedia.

“On MCX, gold may face resistance at Rs 47,380 and support at Rs 46,760. Resistance for silver is seen at Rs 69,200 and support at Rs 66,800,” Kedia said.

Meanwhile, the Indian rupee opened 18 paise lower at 74.25 per dollar on Monday against the previous close of 74.07 amid selling seen in the domestic equity market.

Here are gold rates across major cities:

Here are silver rates across major cities:

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