Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Thursday following muted trend in the international spot prices. The concerns over rising coronavirus cases and trade tension between the US and China supported the yellow metal prices, analysts said.

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At 12:10 pm, gold futures for August delivery fell 0.16 percent to Rs 49,082 per 10 grams as against the previous close of Rs 49,159 and opening price of Rs 49,104 on the MCX. Silver futures traded 0.37 percent lower at Rs 52,860 per kg. The prices opened at Rs 53,007 as compared to the previous close of Rs 53,058 per kg.

“Gold prices traded rangebound and faced resistance at $1,815 level. However, the fundamentals seem strong which maintains the outlook positive for gold,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal.

International gold prices held steady near a nine-year peak on Thursday, as concerns over rising coronavirus cases and simmering US-China tensions offset some silver linings from Chinese economic data.

Spot gold crept 0.1 percent lower to $1,809.62 per ounce but moved in a very tight range of about $5, just $8.09 shy of $1,817.71, its highest since September 2011, hit last week. US gold futures were mostly unchanged at $1,813.40.

On the domestic front, weakness in India rupee amid volatile equity markets limited the downside of the yellow metal.

“Strong support for gold is seen at Rs 48,700 level while resistance is placed at Rs 49,300 level. Breaching this resistance, gold may rally towards Rs 49,800 on MCX,” Sajeja added.

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First Published:Jul 16, 2020 12:22 PM IST