Investors can look at selling gold on every bounce towards 49,000. Overnight, the US Fed’s downbeat growth outlook and ECB’s willingness to cut rates pushed the dollar higher, putting pressure on gold, experts say.
Experts are of the view that the precious metal which has slipped below 49000 could get some support around Rs 48,800. Investors can use the dip for a target of Rs 49,300 levels.
Gold price today: Yellow metal trades lower, buy for a target of Rs 49,750
Investors can use the dip towards Rs 49,100 to buy for a target of Rs 49,750 per 10 gm, say experts. Weakness in the dollar index is likely to support safe-haven prices. January 22, 2021 / 09:32 AM IST
The bullion metal lost Rs 2,562, or 4.68 percent, for the week on MCX as investors booked profit (Image courtesy: Reuters)
Gold was trading lower in the Indian market on January 22, tracking muted trend in international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading lower by 0.17 percent at Rs 49,364 for 10 grams at 0920 hours. March silver was trading 0.74 percent lower at Rs 66,804 a kilogram.
Gold price today: Yellow metal lacklustre as a strong dollar weighs heavy
The metal was pressured by gains in the dollar, rising bond yields, strong US Industrial production, and rising inflation expectations. January 18, 2021 / 10:08 AM IST
Gold was lacklustre in the domestic market in the early trade on January 18, mirroring a muted global trend. In the global markets, gold prices declined due to the rise in the US dollar.
On the Multi-Commodity Exchange (MCX), February gold contracts were trading lower by 0.07 percent at Rs 48,668 for 10 grams at 0950 hours.
Gold prices slumped to Rs 48,702 per 10 gram in the previous trading session on January 15, as participants increased their short position as seen by the open interest. The precious metal ended with a loss of Rs 116 or 0.24 percent for the week.