Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Wednesday amid stronger rupee after Prime Minister Narendra Modi announced Rs 20 lakh crore economic stimulus package that improved investor risk appetite. However, sentiment for the yellow metal remains positive, analysts said. At 12:20 pm, gold futures for June delivery rose 0.16 percent to Rs 45,698 per 10 grams as against the previous close of Rs 45,625 and opening price of Rs 45,613 on the MCX.

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Indian rupee traded higher amid upbeat sentiment and surge in the equity market, pressurizing the yellow metal prices.

In the global market, gold held steady as investors remained on sidelines ahead of a speech by Federal Reserve Chairman Jerome Powell and rising expectations that the United States could adopt negative interest rates.

“International gold prices are trading in a narrow range. Expectations of a stimulus in the US and signs of negative interest rates by Federal Reserve is keeping the sentiment positive,” said Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rath.

Spot gold was unchanged at $1,701.51 per ounce while US gold futures fell 0.1 percent to $1,704.50 per ounce.

“On MCX, support for gold price is placed at Rs 45,200 - 45,500 levels while the price can see upside of Rs 46,000 - 46,400 levels in next 15 days. Thus, buy on dips is recommended for gold,” Trivedi added.

Meanwhile, silver futures traded 0.02 percent higher at Rs 46,063 per kg. The prices opened at Rs 43,015 as compared to the previous close of Rs 43.054 per kg.