Gold prices in India rose on the Multi Commodity Exchange (MCX) Monday following gains in international spot prices amid short-covering after the prices fell over 2 percent in the previous session, analysts said.

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At 11:35 am, gold futures for August delivery rose 0.53 percent to Rs 45936 per 10 grams as against the previous close of Rs 45,698 and opening price of Rs 45,793 on the MCX. Silver futures traded 1.56 percent higher at Rs 48,090 per kg. The prices opened at Rs 47,652 as compared to the previous close of Rs 47,351 per kg.

“Gold prices traded higher due to short-covering after the yellow metal prices have been in corrective mode over the last week. The prices have broken the crucial support level of $1,690 per ounce. However, recovery is seen from the lower levels,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.

On the global front, gold inched up although safe-haven demand remained subdued after prices fell to a more than one-month low in the last session as an unexpected jump in US employment boosted hopes for a swift economic recovery.

Spot gold was up 0.1 percent at $1,682.57 per ounce by 0351 GMT. US gold futures rose 0.5 percent to $1,691.40.

Bullion prices plunged over 2 percent to $1,670.14 on Friday after data showed US nonfarm payrolls rose by 2.509 million jobs last month - in contrast with consensus estimates of a fall of 8 million jobs.

On MCX, gold prices fell more than 2 percent to end near 45,700 levels while silver prices also declined more than 3 percent to end below 47,400 levels.

Support for gold prices is seen at Rs 45,800 level while resistance is placed at Rs 46,200 levels, Sajeja added.

Meanwhile, Indian rupee traded flat against the US dollar amid upbeat domestic equity markets.

(With Reuters inputs)

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First Published:Jun 8, 2020 11:44 AM IST