On MCX, August gold futures fell 0.48 per cent to Rs 47,338 per 10 gram. Silver July futures also rose nearly 0.22 per cent to Rs 48,436 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.
In the previous trade, the yellow metal had closed at Rs 47,200 per 10 gram.
"Spot gold for 24 carat gold in Delhi was trading marginally up by Rs 18 on steady international gold prices
and geopolitical tensions between India and China," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Raising concerns over the pandemic, Beijing's city government on Tuesday raised its Covid-19 emergency response level to II from III, according to state media.
"Gold is gaining after Beijing suddenly tightened the measures, with schools shut and people advised not to leave the city unless necessary," said Alex Turro, market strategist at RJO Futures.
In the international market, gold was trading flat at $1,725 per ounce and silver at $17.45 per ounce.
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