Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Thursday amid gains in international spot prices on a weak US dollar.

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At 11:10 am, gold futures for February delivery eased 0.02 percent to Rs 50,141 per 10 grams as against the previous close of Rs 50,149 and opening price of Rs 50,151 on the MCX. Silver futures traded 0.18 percent higher at Rs 67,695 per kg. The prices opened at Rs 67,701 as compared to the previous close of Rs 67,576 per kg.

“A weak dollar and developments over US stimulus package support gold prices. However, the yellow metal is likely to remain rangebound amid lack of fresh data points and Christmas weekend going ahead,” said Ajay Kedia, director, Kedia Commodity Comtrade.

International gold prices gained on Thursday, supported by a weaker dollar as investors bet on further US stimulus following dour economic data even as President Donald Trump threatened to veto a long-awaited pandemic relief bill, a Reuters report said.

Spot gold rose 0.2 percent to $1,875.61 per ounce. US gold futures rose 0.2 percent to $1,881.20.

Better than expected US’ durable goods orders data and the spread of a more contagious variant of the coronavirus in Britain also supported safe-haven gold.

“Going ahead, gold is expected to trade sideways-to-positive and any drop in prices can be used as buying opportunity,” Kedia said.

On MCX, according to Kedia, gold may find support at Rs 49,800 level while resistance is placed at Rs 50,400 level. Support for silver is seen at Rs 66,500 level and resistance at Rs 69,200 level.

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