Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday on safe-haven demand as rising coronavirus cases in the country dampened investor risk-appetite, analysts said.

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At 10:35 am, gold futures for June delivery rose 0.10 percent to Rs 46,640 per 10 grams as against the previous close of Rs 46,593 and opening price of Rs 46,545 on the MCX. Silver futures traded 0.08 percent lower at Rs 66,932 per kg. The prices opened at Rs 66,786 as compared to the previous close of Rs 66,983 per kg.

“Gold and silver prices are expected to see positive momentum on the back of safe-haven demand. Rising coronavirus cases triggered fears of lockdown, lifting the safe-haven appeal for the yellow metal,” said Ajay Kedia, director, Kedia Advisory.

Further supporting the precious metal prices was the Indian rupee which slipped 22 paise to open at 74.96 per dollar against Friday’s close of 74.74, amid weakness in the domestic equity market.

Meanwhile, international gold prices fell on Monday, weighed down by surging US Treasury yields and a firmer dollar after better-than-expected US economic data lifted prospects for higher inflation, a Reuters report said.

Spot gold fell 0.3 percent to $1,738.12 per ounce. US gold futures were down 0.4 percent to $1,737.70 per ounce.

“The bias for gold and silver remains positive and any dips could be used as a buying opportunity in both the metals,” Kedia said.

“On MCX, support for gold is seen at Rs 46,350 and resistance at Rs 46,980. Silver may find support at Rs 66,200 and resistance at Rs 67,900,” Kedia said.

Here are gold rates across major cities:

Here are silver rates across major cities:

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