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Gold price today: Yellow metal trades below 49,000, silver falls over 1%

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.

January 28, 2021 / 09:52 AM IST

Gold was trading in the red in Indian markets on January 28, tracking muted trend seen in international spot prices. On the Multi-Commodity Exchange (MCX), February gold contracts were trading lower by 0.36 percent at Rs 48,688 for 10 grams at 0920 hours. March silver was trading 1 percent lower at Rs 65,869 a kilogram.

Investors can look at selling gold on every bounce towards 49,000, experts said. Overnight, US Fed’s downbeat growth outlook and ECB’s willingness to cut rates pushed the US dollar higher, putting pressure on gold, they said.

Gold and silver prices settled weaker in international markets on January 27 due to gains in the dollar index. February gold futures contract settled at $1,844.90 a troy ounce and March silver futures at $25.39 per troy ounce.

In domestic markets, both the metals settled on a mixed note.