On the outlook on gold prices, experts say the prices may test Rs 50,000 again this year
Experts see the current levels as a golden opportunity for buyers
Sudden jump in number of positive Covid cases and administrative restrictions in many cities have muted demand for gold
Gold rates today have increased at all major cities in Delhi, Chennai, Kolkata and Mumbai
"Gold prices witnessed selling on stronger dollar," said Tapan Patel, HDFC Securities, Senior Analyst (Commodities).
Increasing coronavirus cases globally and in the domestic markets are likely to increase demand for safe-haven assets like gold, say experts
Silver also looks bullish, considering its demand from green energy segment and automotive and electric vehicles and gadgets segments
On MCX, April gold contracts were trading lower by 0.3% at Rs 44,737 for 10 grams in early trade, while May silver futures, too, were trading 0.5% low
Analysts believe the lower prices of gold and silver in physical markets is expected to push demand further.
On MCX, gold futures were up 0.2% to Rs 44,295 per 10 grams, after falling to Rs 44,150 in the previous session