Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Friday following a muted trend in international spot prices amid a firm US dollar and a rise in US Treasury Yields.

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At 11:35 am, gold futures for February delivery fell 0.45 percent to Rs 50,675 per 10 grams as against the previous close of Rs 50,904 and opening price of Rs 50,755 on the MCX. Silver futures traded 0.59 percent lower at Rs 69,550 per kg. The prices opened at Rs 69,694 as compared to the previous close of Rs 69,962 per kg.

“Gold prices are under pressure due to firmness in the US dollar. However, hopes of stimulus in the US and fresh concerns over rising coronavirus cases in certain countries limited the fall in the yellow metal,” said Ajay Kedia, director, Kedia Commodity Comtrade.

Kedia is of the view that the gold prices may trade sideways to positive going ahead and any drop in prices may be used as a buying opportunity.

International gold inched lower on Friday as the US dollar and Treasury yields firmed, although hopes for additional stimulus in the world’s largest economy kept bullion on course for a second straight weekly gain, a Reuters report said.

Spot gold eased 0.1 percent to $1,911.32 per ounce, but was up 0.7 percent so far this week. US gold futures shed 0.1 percent to $1,912.30.

“On MCX, gold may find support at Rs 50,480 level while resistance is placed at Rs 51,100 level. Silver may see support at Rs 69,000 level and resistance at Rs 70,600 level,” Kedia added.

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First Published:Jan 8, 2021 11:45 AM IST