Gold prices in India traded a little higher on the Multi Commodity Exchange (MCX) Thursday tracking gains in international spot prices while silver prices declined.

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At 11:25 am, gold futures for December delivery rose 0.12 percent to Rs 48,570 per 10 grams as against the previous close of Rs 48,513 and the opening price of Rs 48,524 on the MCX. Silver futures traded 0.35 percent lower at Rs 59,631 per kg. The prices opened at Rs 60,034 as compared to the previous close of Rs 59,843 per kg.

On Wednesday, spot gold prices ended marginally lower by 0.12 percent closing at 1,805 per ounce as optimism over a potential vaccine against the pandemic continued to weigh on gold prices, however, a sudden spike in the US unemployment claims limited the fall.

US weekly jobless claims rose for the second straight week, data on Wednesday showed, undermining the recovery in the labour market amid rising coronavirus cases and business restrictions.

“Gold price found some support as depreciating US currency made the dollar-denominated gold cheaper for other currency holders. Global central banks are also expected to keep their interest rates low in an attempt to get the economy back on track which is also supportive for Gold,” said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd.

International gold prices rose on Thursday as grim US jobs data and worries over surging COVID-19 cases worldwide cast doubts over a quick economic recovery and bolstered the metal's safe-haven appeal, Reuters reported.

Spot gold rose 0.3 percent to $1,811.31 per ounce. US gold futures were up 0.2 percent to $1,808.70.

“On MCX,” Gupta said, “As for today, traders can buy gold at Rs 48,300 levels with the stop loss of Rs 47,900 levels for the target of Rs 48,900 levels. They can also buy in silver at Rs 59,500 levels, with the stop loss of Rs 58,800 levels and for the target of Rs 60,800 levels.”

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