Gold prices trade flat, silver prices soar

New Delhi: Gold prices were trading flat with a negative bias in the Multi Commodity Exchange (MCX) on Tuesday, despite international spot trading at a three week high. However, silver futures for July delivery was trading in the positive zone.

In MCX, Gold futures for June delivery opened at Rs 48,419 per 10 grams as against its previous close of Rs 48,474. Silver futures for June delivery opened at Rs 73,755 per kg as against the previous close of Rs 73,324.

In the international market, Gold prices on Tuesday rose to their highest in more than three months as a weaker U.S. dollar and growing inflationary pressure lifted bullion`s appeal as an inflation hedge. Spot gold was up 0.2% at $1,868.89 per ounce by 0101 GMT, after hitting its highest since Feb. 1 in early Asian trade. U.S. gold futures rose 0.1% to $1,869.40 per ounce, a Reuters report said.

Gold in the national capital on Monday rose by Rs 348 to Rs 47,547 per 10 gram following a strong global trend. In the previous trade, the precious metal had closed at Rs 47,199 per 10 gram.

Silver also zoomed Rs 936 to Rs 71,310 per kilogram from Rs 70,374 per kilogram in the previous trade.