Gold prices in India traded lower on Multi Commodity Exchange (MCX) Wednesday as a stronger rupee amid weakness in spot applied pressure, analysts said.

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At 1:05 pm, gold futures for June delivery fell 0.33 percent to Rs 45,913 per 10 grams as against the previous close of Rs 46,066 and opening price of Rs 45,925 on the MCX.

"However, sentiment for the yellow metal remains positive amid high investment demand and ahead of Federal Reserve monetary policy," said Jigar Trivedi, Fundamental Analyst - Commodity, Anand Rathi.

Thus, Trivedi suggests buying gold on dips.

In the global market, gold prices edged up on Wednesday as a weaker dollar eclipsed optimism over plans for a gradual easing of coronavirus curbs, while investors awaited a policy decision by the US Federal Reserve due later in the day.

Spot gold rose 0.2 percent to $1,711.31 per ounce by 0539 GMT after three straight sessions of falls. US gold futures climbed 0.3 percent to $1,727.50 per ounce.

"Support for gold is seen at $1,680-1,695 levels and resistance is placed at $1,730-1,745 levels. On MCX, gold may find support at Rs 45,850-45,750 levels while it may face resistance at Rs 46,100-46,190 levels," Trivedi said.

Meanwhile, silver futures traded 0.46 percent higher at Rs 42,539 per kg. The prices opened at Rs 42,486 as compared to the previous close of Rs 42.344 per kg.

First Published:Apr 29, 2020 9:09 AM IST