Gold prices in India traded marginally higher on the Multi Commodity Exchange (MCX) Thursday tracking gains in international spot prices while silver price eased.

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At 11:20 am, gold futures for December delivery rose 0.18 percent to Rs 50,261 per 10 grams as against the previous close of Rs 50,169 and opening price of Rs 50,315 on the MCX. Silver futures traded 0.11 percent lower at Rs 62,470 per kg. The prices opened at Rs 62,767 as compared to the previous close of Rs 62,541 per kg.

“The precious metals are likely to remain volatile. Rising COVID infection cases and concerns over the economy supported gold prices. However, the upside for the gold price looks capped,” said Ajay Kedia, director, Kedia Commodity Comtrade.

International gold prices edged higher on Thursday, after dropping over 1 percent in the previous session, as concerns over the economic fallout from surging COVID-19 cases outweighed positive vaccine news.

Spot gold rose 0.3 percent to $1,869.51 per ounce. US gold futures were 0.4 percent higher at $1,869.30.

“On MCX, gold may face resistance Rs 51,000 level while support is placed at Rs 49,500. Silver may find support at Rs 59,600 level and resistance is seen at Rs 64,200 level,” Kedia added.

Meanwhile, weakness in the Indian rupee amid selling in the domestic equity market supported the gold prices.

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