Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Wednesday tracking a muted trend in the international spot prices amid strength in the US dollar index and weakened hopes of US stimulus, analysts said.

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At 11:10 am, gold futures for December delivery fell 0.06 percent to Rs 50,930 per 10 grams as against the previous close of Rs 50,961 and opening price of Rs 51,065 on the MCX. Silver futures traded 0.28 percent lower at Rs 62,107 per kg. The prices opened at Rs 62,060 as compared to the previous close of Rs 62,281 per kg.

International gold prices were little changed on Wednesday, staying above the $1,900-mark, as uncertainties about US elections and surging global COVID-19 cases countered pressure from a firmer dollar and fading hopes of an immediate US stimulus package, Reuters reported.

Spot gold was steady near $1,906.15 per ounce. US gold futures were down 0.3 percent at $1,907.10.

“Gold prices are trading in a range. A firm US dollar index is pressurizing the yellow metal. But, the downside looks limited amid uncertainties over US elections and rising COVID-19 cases globally,” said Ajay Kedia, director, Kedia Commodity Comtrade.

Worries about the virus' spread continued, with the United States, Russia, France and other countries seeing record new infections recently. European governments introduced new curbs to rein the fresh outbreaks.

“On MCX, gold prices may find support at Rs 50,400 level while resistance is placed at Rs 51,300 level,” Kedia added.

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First Published:Oct 28, 2020 11:18 AM IST