Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Thursday tracking weakness in the international spot prices amid a steady dollar and uncertainty over stimulus package in the US.

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At 10:30 am, gold futures for December delivery fell 0.21 percent to Rs 50,435 per 10 grams as against the previous close of Rs 50,542 and opening price of Rs 50,314 on the MCX. Silver futures traded 0.66 percent lower at Rs 61,195 per kg. The prices opened at Rs 61,114 as compared to the previous close of Rs 61,603 per kg.

“Uncertainties over the additional corona relief fund by US underpinned the dollar which might weigh on gold prices. On the MCX, gold prices are expected to trade lower in today’s session,” said Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd.

As for today, Gupta advises traders to sell at Rs 50,600 levels with the stop loss of Rs 51,100 levels for the target of Rs 49,500 levels. “Traders can also sell Silver at Rs 61,200 levels, with the stop loss of Rs 61,700 levels and for the target of Rs 59,800 levels,” Gupta added.

International gold prices dipped on Thursday as the dollar steadied and comments from US Treasury Secretary Steve Mnuchin dashed hopes of a new fiscal stimulus package before the presidential election, Reuters reported.

Spot gold fell 0.2 percent to $1,896.26 per ounce by, after rising as much as 1.1 percent in the previous session. US gold futures were down 0.4 percent to $1,899.

“Gold is expected to consolidate going ahead amid lack of fresh data points. The yellow may trade in a range of Rs 50,200 to 50,800 on the MCX,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.

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