Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Tuesday amid stronger rupee and as investors shift to risky assets, analysts said.

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At 1:35 pm, gold futures for June delivery fell 0.09 percent to Rs 43,340 per 10 grams as against the previous close of Rs 43,381 and opening price of Rs 43,135 on the MCX.

"The Reserve Bank of India's stimulus measures led a rebound in the rupee. Thus, stronger rupee pressurized the yellow metals prices," said Ajay Kedia, Director, Kedia Commodities.

In global markets, gold prices fell on Tuesday as the dollar firmed and as shares rose on hopes of a rebound in China economic activity, while safe-haven demand amid concerns over the coronavirus outbreak kept the metal on track for its sixth straight quarterly gain.

Spot gold fell 0.5 percent to $1,613.40 per ounce by 0327 GMT. It gained about 6.4 percent for the quarter, and about 1.8 percent for the month. US gold futures eased 0.2 percent to $1,615.80.

"The global environment and fears of a worldwide recession are supporting gold prices. The policy measures by various central banks are positive for the yellow metal. If gold breaches $1,640 level, we may see prices touching $1,700 levels," Kedia added.

The rupee opened 13 paise higher against the US dollar at 75.52 as against the previous close of 75.65 per dollar.

On MCX, Gold prices may see support at Rs 42,600 level and resistance is placed at Rs 43,800, according to Kedia.

Meanwhile, silver futures traded 0.45 percent higher at Rs 39,977 per kg. The prices opened at Rs 40,050 as compared to the previous close of Rs 39,798 per kg.

First Published:Mar 31, 2020 9:09 AM IST