Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Tuesday as the international spot prices gained. Silver prices rose above Rs 66,000.

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At 10:35 am, gold futures for April delivery rose 0.22 percent to Rs 44,315 per 10 grams as against the previous close of Rs 44,218 and opening price of Rs 44,349 on the MCX. Silver futures traded 0.33 percent higher at Rs 66,071 per kg. The prices opened at Rs 66,177 as compared to the previous close of Rs 65,852 per kg.

“Gold prices are sideways to positive supported by US stimulus and weak Indian rupee. However, strong dollar and higher US Treasury yields continue to pressurize the yellow metal prices,” said Ajay Kedia, director, Kedia Advisory.

International gold prices edged higher on Tuesday as a pullback in US Treasury yields added some lustre to the bullion after it hit a nine-month low in the previous session, said a Reuters report.

Spot gold rose 0.3 percent to $1,686.86 per ounce. Prices had fallen more than 1 percent to $1,676.10 on Monday, their lowest since June 5. US gold futures climbed 0.4 percent to $1,684.20.

US 10-year Treasury yields edged lower, raising the appeal of holding gold.

Meanwhile, holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust GLD fell to their lowest since April 2020 on Monday.

Going ahead, gold is expected to remain sideways, while the outlook for silver remains positive, Kedia said.

“On MCX, gold may find support at Rs 43,850 level and resistance is placed at Rs 44,700 level. Silver may face resistance at Rs 67,800 level and support at Rs 65,100 level,” Kedia said.

Here are gold rates across major cities:

Source: Kedia Advisory

Here are silver rates across major cities:

Source: Kedia Advisory

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