Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday amid subdued trend in the international spot prices and rising investor risk appetite. Strong domestic currency also pressurized the yellow metal prices, analysts said.

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At 12:40 pm, gold futures for August delivery fell 0.03 percent to Rs 46,085 per 10 grams as against the previous close of Rs 46,101 and opening price of Rs 46,075 on the MCX. Silver futures traded 0.16 percent lower at Rs 48,110 per kg. The prices opened at Rs 48,100 as compared to the previous close of Rs 48,185 per kg.

“Gold prices are expected to trade rangebound ahead of the US Federal Reserve’s monetary policy meeting. Strong Indian rupee and upbeat equity market dented safe-haven appeal for the gold,” said Ajay Kedia, director, Kedia Commodity Comtrade.

International gold prices traded in a narrow range as caution set in ahead of the US Federal Reserve's two-day monetary policy meeting.

Spot gold was up 0.1 percent at $1,696.06 per ounce. US gold futures eased 0.3 percent to $1,700.60.

The Indian rupee traded higher at 75.47 per dollar, amid buying in the domestic equity market.

“On MCX, resistance is placed at Rs 46,500 level and support is seen at Rs 45,400 level,” Kedia said.

Further, upside in the yellow metal prices seems limited, Kedia added saying that in the international market, gold may trade in the range of $1,680 - $1,720 per ounce.

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First Published:Jun 9, 2020 12:46 PM IST