Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday tracking a positive trend in the international spot prices. Silver prices also rose above Rs 67,000 per kg.

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At 10:45 am, gold futures for April delivery rose 0.28 percent to Rs 44,876 per 10 grams as against the previous close of Rs 44,750 and opening price of Rs 44,790 on the MCX. Silver futures traded 0.37 percent higher at Rs 67,090 per kg. The prices opened at Rs 67,226 as compared to the previous close of Rs 66,844 per kg.

“Gold prices rose as the bond yields stabilized. Selling in the domestic equity market increased appeal for the yellow metal. Gold is expected to remain sideways to positive for today,” said Ajay Kedia, director, Kedia Advisory.

International gold prices erased early gains on Monday as hopes of a faster economic recovery got a boost from better-than-expected Chinese industrial output data, while a surge in US Treasury yields kept bullion under pressure, a Reuters report said.

Spot gold was steady at $1,726.54 per ounce, after rising as much as 0.4 percent earlier in the session. US gold futures were up 0.3 percent to $1,724.70.

Gold prices fell to a nine-month low of $1,676.10 last week, pressured by accelerating bond yields, which increase the opportunity cost of holding non-yielding bullion.

“Investors now await the US Federal Reserve meeting this week for direction on monetary policy. A dovish statement from the Fed chair may support the yellow metal prices,” Kedia said.

According to Kedia, the rupee is likely to see weakness against the US dollar going ahead, which may be positive for the gold prices.

“On MCX, support for gold is seen at Rs 44,650 level and resistance is placed at Rs 45,200 level. Silver may find support at Rs 66,100 and resistance at Rs 68,500 level,” Kedia.

Here are gold rates across major cities:

Source: Kedia Advisory

Here are silver rates across major cities:

Source: Kedia Advisory

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