Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Tuesday as the international spot prices rose to near a two-week high level amid a weak dollar.

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At 11:05 am, gold futures for August delivery rose 0.59 percent to Rs 47,578 per 10 grams as against the previous close of Rs 47,299 and the opening price of Rs 47,350 on the MCX. Silver futures traded 0.66 percent higher at Rs 70,500 per kg. The prices opened at Rs 70,309 as compared to the previous close of Rs 70,039 per kg.

“The gold prices are stabilizing after a last week’s fall. Softer dollar and concerns over Covid are supporting the safe-haven appeal for the yellow metal. The bias for gold and silver looks positive and buying on drops is advised,” said Ajay Kedia, Director, Kedia Advisory.

“On MCX, gold may face resistance at Rs 47,780 and support is seen at Rs 47,150. Support for silver is seen at Rs 69,400 and resistance is placed at Rs 71,300,” Kedia said.

International gold prices hit their highest in nearly three weeks, as a pullback in the dollar made bullion less expensive for holders of other currencies, while investors awaited minutes from the US Federal Reserve for clarity on monetary policy, said a Reuters report.

Spot gold was up 0.4 percent at $1,798.46 per ounce, its highest since June 17. US gold futures rose 0.8 percent to $1,798.10 per ounce.

“Range bound bullish behaviour of the gold continues and seems it has found its near term support around $1,750 an ounce. Central banks of many countries are unveiling their plans to increase gold holding in near term as a fundamental measure against inflationary and other forms of financial risks. The higher high formation on daily basis is encouraging and seems yellow metal is ready to breach $1,800 mark,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.

Matta said he was positive on gold for the next few days and a price surge was expected on technical parameters.

Meanwhile, a flat Indian rupee against the US dollar amid volatile domestic equity market is supporting the precious metal prices.

Here are gold rates across major cities:

Here are silver rates across major cities:

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