Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Tuesday following a positive trend in the international spot prices, while silver prices rose above Rs 70,000 level.

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At 11:05 am, gold futures for April delivery rose 0.33 percent to Rs 47,995 per 10 grams as against the previous close of Rs 47,839 and opening price of Rs 48,000 on the MCX. Silver futures traded 0.15 percent higher at Rs 70,188 per kg. The prices opened at Rs 70,297 as compared to the previous close of Rs 70,084 per kg.

“Gold prices rose on a weak US dollar and hopes of fiscal stimulus in the US. The bias for precious metals looks positive and any dip in prices can be used as a buying opportunity,” said Amit Sajeja, VP Research - Commodities & Currencies at Motilal Oswal.

International gold prices rose to a near one-week high on Tuesday as the dollar faltered and expectations firmed that a massive US fiscal stimulus to revive the world’s largest economy will soon be passed, a Reuters report said.

Spot gold rose 0.6 percent to $1,841.11 per ounce, having hit $1,842.30 earlier in the session, its highest since February 3. US gold futures gained 0.4 percent to $1,841.70.

The dollar index fell to an over one-week low against rival currencies, making gold cheaper for holders of other currencies.

“The trend in gold and silver prices is positive. On MCX, gold may face resistance at Rs 48,350 level, while support is seen at Rs 47,900 level. Silver may face resistance at Rs 71,200 level and support at Rs 69,800 level,” Sajeja said.

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