Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Wednesday led by safe-haven buying among investors as the coronavirus cases rise, analysts said.

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At 1:25 pm, gold futures for June delivery rose by Rs 199 or 0.46 percent to Rs 43,155 per 10 grams as against the previous close of Rs 42,956 and opening price of Rs 42,700 on the MCX.

"This is just a speculative move and safe-haven buying among the investors. The money market is closed and hence there is no currency impact on the gold prices," said Jigar Trivedi, Fundamental Analyst - Commodity, Anand Rathi.

In global market, gold prices rose as investors opted safe-haven buying on worries over the spread of the virus and hopes of more monetary easing by the central banks, Trivedi added.

Spot gold rose 1 percent to $1,587.31 per ounce by 0605 GMT, having slumped 3.1 percent in the previous session on a strong dollar. US gold futures were up 0.3 percent at $1,600.70.

"On MCX, Rs 43,000 will act as support level and resistance is placed at Rs 43,400 for gold prices," Trivedi added.

Meanwhile, silver futures traded 0.53 percent higher at Rs 39,732 per kg. The prices opened at Rs 39,599 as compared to the previous close of Rs 39,523 per kg.

First Published:Apr 1, 2020 9:09 AM IST