Gold price today: Yellow metal gains strength, March silver rallies over 1%

Gold

Gold prices gained strengthened and silver too was up more than 1 percent in Indian markets in the morning trade on January 29. On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.25 percent at Rs 49,056 for 10 grams at 0920 hours. March silver was trading 1.3 percent higher at Rs 68,522 a kilogram.

Spot gold prices were steady as investors waited for developments around a US stimulus package, though the metal was on course to post a weekly and monthly decline hurt by a stronger dollar, said a Reuters report.

“Comex gold trades marginally higher above $1,840/oz after a 0.4 percent decline on Thursday. Gold is range-bound as support from rising virus cases, mixed economic data from major economies and US stimulus expectations are countered by continued ETF outflows and lack of any cues about fresh measures by major central banks,” Ravindra Rao, VP- Head Commodity Research at Kotak Securities told Moneycontrol.

Gold may remain choppy, reflecting mixed trade in the dollar, however, rising virus cases and US stimulus expectations may lend some support, he said.