June gold contracts were trading lower by 0.05 per cent at Rs 48,204 for 10 grams during the opening hours of Thursday on the multi commodity exchange (MCX). May silver futures were trading 0.03 per cent lower at Rs 70,316 a kg. Gold and silver had showed robust growth on Wednesday in international markets. Gold hit a two-months high and silver also hit one-month high on the Comex division. Meanwhile India Gold MCX June futures were trading flat on Thursday, tracking a dim trend seen in the international spot prices.
Gold prices could reach the $1800 per troy ounce while Silver May futures contract settled at $26.57 per troy ounce. Both the precious metals settled on a positive note in the domestic markets.
Yellow metal and silver gained amid weakness in the dollar index and decline on benchmark 10-year bond yields in the United States.
Domestic spot gold opened at Rs 49,262 per 10 grams on Thursday, and silver at Rs 65,988 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).