Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Tuesday tracking a muted trend in the international spot prices as the dollar rebounded. Silver prices gained.

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At 11:25 am, gold futures for June delivery rose 0.09 percent to Rs 46,460 per 10 grams as against the previous close of Rs 46,419 and the opening price of Rs 46,450 on the MCX. Silver futures traded 0.22 percent higher at Rs 66,272 per kg. The prices opened at Rs 66,247 as compared to the previous close of Rs 66,128 per kg.

“The gold prices were steady amid a rebound in US dollar and rise in US Treasry yields. On the domestic front, gold is expected to remain sideways-to-negative amid recent weakness in rupee. However, concerns over rising COVID-19 cases in the country may limit downside for the yellow metal,” said Amit Sajeja, VP Research - Commodities & Currencies at Motilal Oswal.

“On MCX, support for gold is seen at Rs 46,100 and resistance is placed at Rs 46,700. Silver may find support at Rs 65,300 and resistance at Rs 66,800,” he added.

International Gold prices were flat on Tuesday as market participants kept to the sidelines ahead of US inflation data that is expected to shed more light on recovery in the world's largest economy, a Reuters report said.

Spot gold was unchanged at $1,731.69 per ounce, with elevated US Treasury yields negating support from expectations of higher inflation. US gold futures were also steady at $1,732.80 per ounce.

Weighing on gold, US Treasury yields ticked higher, increasing the opportunity cost of holding the metal that pays no return. The dollar index also rebounded.

“Gold yesterday rejected $1,728 and rose again to attempt to step above the EMA50 which can show levels again like $1,748 and $1,762.00,” said Ajay Kedia, Director, Kedia Advisory.

Here are gold rates across major cities:

Here are silver rates across major cities:

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