Yellow metal prices on Tuesday rose to a two-week high pushed by global rates, as on the MCX, gold August futures were trading at Rs 47,445 per 10 gram, against the previous close of Rs 47,299.
Similarly silver September futures too traded high at Rs 70,272 per kg. In the previous session, silver futures had ended at Rs 70,039 per kg.
Gold prices crossed the crucial Rs 47,000 mark owing to a subdued dollar even as investors awaited the outcome of the US Federal Reserve's June policy meeting.
Meanwhile spot gold was steady at $1,792.34 per ounce. US gold futures rose 0.5 per cent to $1,792.
"Gold spot has opened on a bullish note in Tuesday morning at $1791.38, trading with positive momentum towards the psychological mark. A weaker dollar also gave the yellow metal a boost and investors await the release of the minutes from the US Federal Reserve's latest policy meeting. Investors remain focused on the minutes from the Fed's June meeting, due on Wednesday, for further clues about the central bank's surprise hawkish stance in the policy decision handed down after that meeting," noted Kshitij Purohit, Lead Currency and Commodities at CapitalVia Global Research Limited. .
He further said that MCX gold future has resumed on a positive note at Rs 47,350, trading with positive bias after sustaining range bound move around Rs 47,300 in previous session. The key resistance holds near previous week's high at Rs 47,515.