Gold price today: Yellow metal flat; likely to trade in Rs 46,900-47,700 range

India's gold futures for August traded flat with a positive bias on June 19, tracking a muted trend in international spot prices as fears of a second wave of coronavirus infections buoyed demand for the safe-haven asset but a stronger US dollar limited the upside.

China reported 32 new coronavirus cases on June 18, 25 of which were reported in the capital city of Beijing, a Reuters report quoted China's National Health Commission as saying.

On the Multi-Commodity Exchange (MCX), August gold contracts were trading higher by 0.11 percent at Rs 47,407 per 10 gram at 1000 hours. July futures for silver were trading 0.15 percent lower at Rs 47,790 per kg.

Gold and silver prices settled on a slightly weaker note on the previous day in the international market. Gold settled at $1,731 per troy ounce and silver at $17.50 per troy ounce.

At MCX, both the metals settled on a mixed note. Gold was flat at around Rs 47,330, while silver lost more than a percent at around Rs 47,850.

Experts are of the view that gold prices will likely trade in the Rs 46,900-47,700 range while silver is expected to trade in the Rs 47,400-48,500 range.

“We expect both the precious metals to remain volatile today due to weekend session and gold is expected to trade in the range of $1,714-1,755 per troy ounce and silver is also expected to trade in the range of $17.20-17.84 per troy ounce,” Manoj Jain, Director (Head - Commodity & Currency Research) at Prithvi Finmart Pvt Ltd told Moneycontrol.

“At MCX, gold is expected to trade in the 46,900-47,700 range. Silver is expected to trade in the 47,400-48,500 range.”

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Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International bullion prices have started flat to marginally higher in the morning in Asian trade amid rising tension between US and China after President Donald Trump renewed his threat to cut ties with China, a day after his top diplomats held talks with Beijing.

However, upside in could remain limited as the US dollar extended gains amid safe-haven appeal for the greenback.

Technically, LBMA gold spot has not been able to break above $1,740 levels for many days, indicating exhaustion at high levels that can lead to mild correction with consolidation in a range of $1,710-$1,739.

MCX Gold August contract is taking resistance near 47650 levels and in addition, prices have not managed to break above this level, which signifies a range-bound movement at 47,100-47,700 levels.

Expert: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

COMEX gold traded mixed near $1730/oz after a 0.3 percent decline the previous day. Gold traded weak as gains in the US dollar index and lack of fresh ETF buying was countered by rising virus cases, mixed economic data, downbeat growth outlook and increased geopolitical tensions.

Gold may continue to witness choppy trade as market players assess virus-related developments, however, general bias may be on the upside unless risk sentiment improves significantly.