Gold prices in India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Friday following a positive trend in the international spot prices amid rising safe-haven appeal and lower US bond yields.

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At 10:30 am, gold futures for August delivery rose 0.02 percent to Rs 47,730 per 10 grams as against the previous close of Rs 47,721 and the opening price of Rs 47,844 on the MCX. Silver futures traded 0.47 percent lower at Rs 68,636 per kg. The prices opened at Rs 68,789 as compared to the previous close of Rs 68,962 per kg.

“The fundamentals for gold are positive amid lower US Treasury yields and a stable dollar. Concerns over the spread of the Covid Delta variant is supporting the safe-haven appeal for gold. Hence, buying gold on a drop in prices is recommended,” said Ajay Kedia, Director, Kedia Advisory.

International gold edged higher on Friday and was set for its third straight weekly gain, as concerns over the fast-spreading Delta variant of COVID-19 and a drop in US Treasury yields lifted the safe-haven metal’s demand, said a Reuters report.

Spot gold rose 0.2 percent to $1,805.39 per ounce. For the week so far, it is up more than 1 percent. US gold futures gained 0.4 percent to $1,806.50.

“Technically, gold seems strong above $1,800 level in the international market. On the domestic front, a stable rupee is limiting gains in gold prices. However, overall bias remains positive,” Kedia added.

“On MCX, support for gold is seen at Rs 47,350 and resistance is placed at Rs 48,200. Support for silver is seen at Rs 68,000 and resistance at Rs 69,800,” Kedia added.

Here are gold rates across major cities:

Rates including GST

Rates including GST

Here are silver rates across major cities:

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First Published:Jul 9, 2021 10:43 AM IST