Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Thursday following a muted trend in the international spot prices amid a recovery in the dollar and uncertainty around the US stimulus package.

Share Market Live

NSE

At 11:00 am, gold futures for December delivery fell 0.49 percent to Rs 51,081 per 10 grams as against the previous close of Rs 51,333 and opening price of Rs 51,199 on the MCX. Silver futures traded 1.02 percent lower at Rs 62,982 per kg. The prices opened at Rs 63,111 as compared to the previous close of Rs 63,629 per kg.

“Gold prices fell as the dollar recovered. However, prices are expected to remain rangebound amid uncertainty over an additional corona relief fund by the US. Rising pandemic cases across the world is supporting the yellow metal prices,” said Ajay Kedia, director, Kedia Commodity Comtrade.

Stimulus talks between US lawmakers faced a setback on Wednesday when President Donald Trump accused Democrats of being unwilling to craft a compromise on aid, despite reports of some progress earlier in the day, Reuters reported.

International gold slipped on Thursday from a more than one-week high hit in the last session, as the dollar recovered some lost ground after doubts emerged whether an agreement on a new US fiscal coronavirus aid package could be reached before the election.

Spot gold fell 0.6 percent to $1,913.45 per ounce, after hitting its highest level since Oct. 12 at $1,931.01 on Wednesday. US gold futures were down 0.7 percent to $1,916.00 per ounce.

Meanwhile, investors will focus on weekly US jobless claims due later in the day, Kedia added.

“On MCX, support for gold is placed at rs 50,750 and resistance is placed at Rs 51,600 level. Silver may find support at Rs 61,700 and resistance at Rs 63,800 level,” Kedia said.

(Disclaimer:

The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.)