Gold price today: Yellow metal trades flat

India Gold MCX April Futures are trading flat with a positive bias on February 10 tracking positive trend seen in the international spot prices.

On the Multi-Commodity Exchange (MCX), April gold contracts were trading higher by 0.2 percent at Rs 48,050 for 10 grams at 0920 hours.

"COMEX gold trades marginally higher near $1841/oz after a 0.2% gain yesterday. Gold remains supported by increased expectations of US stimulus, mixed economic data from major economies, and hopes of higher demand from China during Lunar New Year," Ravindra Rao, VP- Head Commodity Research at Kotak Securities told Moneycontrol.

"However, weighing on price is higher bond yields, ETF outflows and improvement in virus situation. The trend in the US dollar continues to be a key price-determining factor so any recovery in US dollar may bring a halt to gold's rise as well," he said.

Gold April futures contract settled on a positive note at $1837.50 per troy ounce and the silver March futures contract settled on a weaker note at $27.40 per troy ounce. Both the precious metals also settled on a mixed note in the domestic markets.

Gold prices showed a firm trend on Tuesday amid weakness in the dollar index and a surge in Bitcoin. The dollar index slipped to two weeks lows as investors turned to riskier assets after the rollout of the COVID-19 vaccine in the United States, suggest experts. International Gold and silver extended gains on Tuesday as the US Dollar tumbled on Tuesday. Domestic gold and silver prices ended mixed on Tuesday with gold ending higher, while silver gave up gains and ended lower.