Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Friday tracking muted trend in the international spot prices even as concerns over the pandemic prevailed, analysts said.

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At 11:35 am, gold futures for August delivery fell 0.06 percent to Rs 48,850 per 10 grams as against the previous close of Rs 48,878 and opening price of Rs 48,919 on the MCX. Silver futures traded 0.06 percent lower at Rs 51,060 per kg. The prices opened at Rs 51,163 as compared to the previous close of Rs 51,091 per kg.

“The gold prices eased from all-time high levels due to profit booking and a rise in the US dollar. However, concerns over rising coronavirus cases limited losses in the yellow metal,” said Ajay Kedia, director, Kedia Commodity Comtrade.

Globally, gold was set for a fifth straight weekly gain on Friday as worries over a spike in US coronavirus cases kept the safe-haven metal near the technical $1,800-per-ounce threshold, Reuters reported.

Spot gold was little changed at $1,801.47 per ounce, up nearly 1.5 percent for the week. US gold futures rose 0.2 percent to $1,806.80.

Meanwhile, weakness in Indian rupee amid selling seen in the equity market supported domestic gold prices.

“On MCX, gold is likely to trade rangebound. It may find support at Rs 48,400 level while resistance is seen at Rs 49,250 level,” Kedia added.

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