Gold prices in India opened higher on the Multi Commodity Exchange (MCX) Thursday amid weak rupee and investment demand, analysts said.

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At 9:05 am, gold futures for June delivery rose 0.62 percent to Rs 46,452 per 10 grams as against the previous close of Rs 46,167 and opening price of Rs 46,280 on the MCX.

“The gold prices have seen a massive rally in recent days on strong fundamentals. However, the rally in the yellow metal prices may not sustain as we expect profit booking at higher levels,” said Ajay Kedia, director, Kedia Commodity Comtrade.

In the global market, gold prices edged lower on Thursday, after a sharp rise in the previous session, as equities regained some footing and the dollar firmed, although hopes for more global economic stimulus measures underpinned bullion.

Spot gold eased 0.2 percent to $1,710.23 per ounce by 0034 GMT, having risen as much as 1.9 percent in the previous session. US gold futures slipped 0.2 percent to $1,735.30.

Meanwhile, silver futures traded 1.52 percent higher at Rs 42,320 per kg. The prices opened at Rs 42,400 as compared to the previous close of Rs 41,686 per kg.

First Published:Apr 23, 2020 9:09 AM IST