NEW DELHI: Gold and silver prices rose in Tuesday’s session, bucking the international trend, as many states enforced curbs on movement, which analysts say will hit economic recovery.

However, gains were checked by the rise in two-year Treasury yield which leapt to the highest in almost 22 months in Tokyo, increasing the opportunity cost of holding bullion, which pays no interest.

Gold futures on MCX were up 0.21 per cent or Rs 100 at Rs 48,166 per 10 grams. Silver futures rose 0.23 per cent or Rs 144 to Rs 62,445 per kg.

“Support from virus concerns, Chinese economic slowdown and rising inflationary pressure is countered by strength in equities and weaker investor interest. Gold may remain range-bound as it is set to end a lacklustre year on a subdued note however any gains in US dollar may make it vulnerable to correction,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

In the spot market, the highest purity gold was sold at Rs 48,171 while silver was priced at Rs 62,300 on Monday, according to the Indian Bullion and Jewellers Association.

Global markets

Spot gold was down 0.1 per cent at $1,808.91 per ounce by 0328 GMT, after having hit its highest since Dec. 17 on Monday, while U.S. gold futures were up 0.1 per cent at $1,810.00.

Spot silver fell 0.3 per cent to $22.98 an ounce, platinum was down 0.5 per cent to $966.02, and palladium dropped 0.9 per cent to $1,953.97.