Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday tracking weakness in international spot prices, while silver prices also fell.

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At 10:15 am, gold futures for April delivery fell 0.15 percent to Rs 44,838 per 10 grams as against the previous close of Rs 44,905 and the opening price of Rs 44,786 on the MCX. Silver futures traded 0.38 percent lower at Rs 66,082 per kg. The prices opened at Rs 66,026 as compared to the previous close of Rs 66,331 per kg.

“Gold is trading rangebound amid mixed fundamentals. Strength in US dollar and Treasury yields pressurizes the yellow metals. However, buying in gold is seen at lower levels which is restricting the downside,” said Amit Sajeja, VP Research - Commodities & Currencies at Motilal Oswal.

International gold prices slipped on Tuesday as the US dollar strengthened along with Treasury yields, while markets awaited comments on economic health from Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen later in the day, Reuters reported.

Safe-haven gold is highly sensitive to rising bond yields as they raise the opportunity cost of holding the bullion.

Spot gold was down 0.3 percent at $1,734.31 per ounce. US gold futures were also down 0.3 percent at $1,733.70 per ounce.

“The bias for precious metals remains positive and any drop in prices can be used as a buying opportunity,” Sajeja said.

According to Sajeja, at MCX, support for gold is seen at Rs 44,600 level and resistance is placed at Rs 45,100 level. Silver may find support at Rs 65,000 and resistance at Rs 66,800 level.

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