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Gold price today: Yellow metal trades below Rs 50K; sell for a target of Rs 49,250

Experts are of the view that the weakness in gold price is likely to continue and traders could well go short in October Futures for a target of Rs 49,250. Below Rs 49,250, the major support for the metal is at Rs 49,000.

September 24, 2020 / 05:13 PM IST

Gold was trading below its crucial psychological support placed at Rs 50,000  on September 24, tracking the muted trend in international spot prices.

Experts are of the view that the weakness is likely to continue and traders could well go short in October Futures for a target of Rs 49,250. Below Rs 49,250, the major support is placed at Rs 49,000.

On the Multi-Commodity Exchange (MCX), October gold contracts were trading lower by 0.38 percent at Rs 49,320 per 10 gram at 0920 hours. September silver futures were trading 3 percent lower at Rs 56,700 per kg.

In the international market, gold and silver tumbled again amid gains in the dollar index and upbeat US manufacturing PMI data. The US dollar index reached a two-month high and triggered a sell-off in both the precious metals.