Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Tuesday following a muted trend in the international spot prices. Softness in the US dollar index and safe-haven buying supported the precious metal prices, analysts said.

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At 10:55 am, gold futures for December delivery eased 0.01 percent to Rs 50621 per 10 grams as against the previous close of Rs 50626 and opening price of Rs 50468 on the MCX. Silver futures traded 0.08 percent lower at Rs 61893 per kg. The prices opened at Rs 61790 as compared to the previous close of Rs 61941 per kg.

“Gold prices are trading in a choppy range. Hopes of stimulus package in the US and better-than-expected US services data for September lent support to gold prices,” said Ajay Kedia, director, Kedia Commodity Comtrade.

International gold prices dipped on Tuesday, as equities gained after US President Donald Trump was discharged from hospital after treatment for a coronavirus infection, though a softer dollar limited losses, Reuters reported.

Weakness in the dollar index and safe-haven buying after more US White House officials tested COVID-19 positive supported gold prices.

“On MCX, gold prices may find support at Rs 50,100 level while resistance is placed at Rs 50,900 level. For silver, support is seen at Rs 60,200 level and resistance at Rs 63,500 level,” Kedia added.

Meanwhile, strength in rupee amid gains in domestic equity markets limited gains in the yellow metal prices.

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