HomeMarket NewsCommodities NewsGold rate today: Yellow metal trades below Rs 49,000 per 10 grams; may find support at Rs 48,460 level

Gold rate today: Yellow metal trades below Rs 49,000 per 10 grams; may find support at Rs 48,460 level

Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Monday tracking weakness in the international spot prices dragged by a strong dollar and firm US Treasury Yields, analysts said.

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By Ankit Gohel  January 11, 2021, 11:00:48 AM IST (Published)

Gold rate today: Yellow metal trades below Rs 49,000 per 10 grams; may find support at Rs 48,460 level
Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Monday tracking weakness in the international spot prices dragged by a strong dollar and firm US Treasury Yields, analysts said.


At 10:55 am, gold futures for February delivery fell 0.26 percent to Rs 48,839 per 10 grams as against the previous close of Rs 48,967 and the opening price of Rs 48,786 on the MCX. Silver futures traded 0.25 percent lower at Rs 64,073 per kg. The prices opened at Rs 63,603 as compared to the previous close of Rs 64,231 per kg.

“The gold prices are in an oversold territory due to a stronger dollar. Hopes of more stimulus package in the US may support the yellow metal price going ahead,” said Ajay Kedia, Director, Kedia Commodity Comtrade.

International gold prices touched a near six-week low on Monday, extending losses from the previous session, as a stronger dollar and higher US Treasury yields pressured the non-yielding bullion, a Reuters report said.

Spot gold fell as much as 1.7 percent to $1,816.53 per ounce, its lowest since December 2, and was down 0.7 percent at $1,835.96. Prices fell as much as 4.4 percent on Friday. US gold futures were flat at $1,835.60.

US Treasury yields held firm after a plunge in payrolls last month raised expectations of more federal spending to aid the virus-battered economy, helping the dollar rise 0.2 percent against rival currencies, the report added.

Meanwhile, Kedia believes that the precious metals may witness a technical bounce back and trade sideways to positive.

“On MCX, support for gold is placed at Rs 48,460 level, while resistance is seen at Rs 49,100 level. Silver may find support at Rs 63,500 level and resistance at Rs 65,200 level,” Kedia added.

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