Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Monday tracking a muted trend in the international spot prices. Silver prices also declined by over 1 percent.

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At 11:15 am, gold futures for October delivery fell 0.36 percent to Rs 49,480 per 10 grams as against the previous close of Rs 49,659 and opening price of Rs 49,474 on the MCX. Silver futures traded 1.03 percent lower at Rs 58,420 per kg. The prices opened at Rs 58,513 as compared to the previous close of Rs 59,027 per kg.

“The gold prices continue to trade below support levels. Amid the absence of any major data, the yellow metal is expected to remain weak,” said Ajay Kedia, director, Kedia Commodity.

International gold prices edged up on Monday as the dollar slipped off a two-month peak hit last week as political uncertainty accelerated ahead of the first presidential election debate between US President Donald Trump and his Democratic rival Joe Biden, Reuters reported.

Spot gold was up 0.1 percent at $1,861.13 per ounce. US gold futures were steady at $1,865.90.

The dollar index was trading near two-month high levels pressuring the yellow metal prices.

“The trend in gold prices remains weak. Support for gold is placed at Rs 49,100 level while resistance is seen at Rs 50,000 level,” Kedia added.

Meanwhile, increasing investor risk appetite amid strength in domestic equity markets also weakened the precious metal appeal.

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First Published:Sept 28, 2020 11:22 AM IST