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.
Rupee - Jan 22, 2021 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee appreciated on Friday and for the 2nd straight week against the U.S. currency, supported by portfolio inflows and a broad dollar decline.
However, possible intervention from the Reserve Bank of India limited gains in the local unit kept it in a narrow range throughout the week.
The Rupee ended at 72.98 compared with 72.99 in the previous session. The local unit strengthened 0.1% this week, adding to last week s 0.2% appreciation.
Foreign investors have invested over $3 billion in Indian equities so far in January, adding to the $8.5 billion in December and almost $10 billion in November.
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