Gold prices on Monday saw sluggish growth as they crawled to edge higher in Indian markets even as silver was flat.
On MCX, gold futures were slightly higher at Rs 47,561 per 10 gram while silver was flat at Rs 68,675 per kg. In the previous two sessions, gold had fallen sharply after hitting a two-month high of Rs 48,400 last week.
Experts said that if the precious metal clears Rs 48,400 levels, then it could move towards Rs 49,700.
Meanwhile in the international market, gold rates inched higher, supported by a weak US dollar. and softer US bond yields. Spot gold was up 0.1% at $1,779.36 per ounce. The dollar index was down 0.16% at 90.692, making gold less expensive for other currency holders.
Market observers said that owing to the Corona virus pandemic, the physical gold demand in India has been hurt by restrictions to contain the spread of infection.